SOCIAL SECURITY: Fact Sheet - 10/19/92 October 19, 1992 PRESIDENT BUSH: SOLID ON SOCIAL SECURITY Clinton Charge Bill Clinton has tried to frighten the American people into believing that President Bush is going "to cut, even to gut . . . Social Security . . . " (Clinton speaking to the AFL-CIO, September 3, 1992). This is a lie. The Truth The truth is that President Bush has promised to keep the system just the way it is. In fact, in announcing the entitlements cap at the Republican Convention, the President specifically excluded Social Security. On Social Security, the President has said, "To every American out there on Social Security, to every American supporting that system today, and to everyone counting on it when they retire: we made a promise to you -- and we are going to keep it." In contrast to the President, Clinton's commitment to maintaining the integrity of the Social Security system is murky. He has stated that he is willing to cut benefits and tax benefits. The words "Social Security" do not even appear in the Democratic Platform. The Facts o The President has one unwavering principle when it comes to Social Security: what isn't broken doesn't need fixing. The Social Security system is sound, and the best way to keep it sound is to leave it just the way it is. o The President has delivered on his promise. During the Bush Administration, Social Security benefits have been adjusted to keep pace with economic realities. Beneficiaries have received full cost of living adjustments, including a 3.7% increase for 1992. Since President Bush took office, average benefits for retired workers have risen from $537 to $629 per month. Page 2 o In his Mid-Session Review of the Budget and again in his Agenda for American Renewal, the President proposed to cap increases in entitlements spending to the rate of inflation and growth in the beneficiary population. The President specifically excluded Social Security from the entitlements cap. -- The President's entitlement cap will do exactly the opposite of what Clinton claims -- it will give senior citizens the security that money will always be available for cost of living increases in the beneficiary population. o Bill Clinton's commitment to protecting Social Security benefits is unclear. In 1986, Clinton said that he would be willing to "swallow federal budget cuts as long as other federal aid recipients, including Social Security beneficiaries, share in the sacrifice." (Emphasis added, Arkansas Gazette, 2/26/86.) In June 1992, Clinton said that he would extract more sacrifices from well-to-do retirees by taxing a higher percentage of Social Security benefits. # # #