No Subject

[Charlie Hoyt <>]

FOR IMMEDIATE RELEASE 5/15/99

Contact: Rep. Dean Corren 
802-828-2228   802-864-9916 dcorren@leg.state.vt.us


VERMONT GENERAL ASSEMBLY ASKS CONGRESS
TO PRESERVE SOCIAL SECURITY AND OPPOSE PRIVATIZATION


On Thursday, May 13 the Vermont General Assembly finalized passage of a
resolution calling on Congress to maintain Social Security and resist
calls to privatize the system by splintering it into millions of
private stock market accounts.

The joint resolution (JRH113), sponsored by Rep. Dean Corren
(P-Burlington) and fifteen other representatives of all parties and
from around the state, was passed by the Senate a week after passing
the House on a unanimous voice vote.  Similar to a resolution passed by
the state of Maine, the measure lists numerous reasons why privatizing
Social Security into 150 million separate accounts would harm working
Vermont families, either when they retire or when a family member
becomes disabled.

Corren said that the action by the General Assembly sends a clear
message to Congress by a second New England state and that he hoped it
would be picked up by other states.  "Even while Congress has created
new tax-favored methods for private saving and investment, Wall Street
won't be content until it can siphon off a major share of Social
Security savings."

According to Corren, "The states, which must support people when all
else fails, need to tell Congress that the emphasis should be on
'security' and remind it that the stock market also falls."

Rep. Steve Hingtgen (P-Burlington) summed it up: "Gambling Social
Security on the boom and bust stock market would take the security out
of Social Security."