Tell Wachovia: Take your hands off our Social Security.

Tell Wachovia: Take your hands off our Social Security.

Wachovia is one of only two financial firms known to be directly contributing to the main lobby group attacking Social Security. Privatization will mean huge benefit cuts for working families—but may mean a huge windfall for Wachovia.

Following public protest, two other investment firms—Edward Jones and Waddell & Reed—backed out from the Alliance for Worker Retirement Security (AWRS), the main business-backed lobby group for privatization. Now it’s Wachovia’s turn.

Send the message to demand Wachovia immediately take its hands off Social Security:

Sample Letter for Campaign

Subject: Tell Wachovia to Back Off

Dear [ Decision Maker ] ,

Your company is part of the Alliance for Worker Retirement Security (AWRS), the leading business-backed lobby group trying to privatize Social Security.

Privatization will mean huge benefit cuts and dangerous levels of new government borrowing. I urge you to immediately withdraw all support from the push to privatize Social Security, including support for AWRS. I also urge you to take leadership in industry groups such as the Securities Industry Association to withdraw support from privatization.

Social Security should be strengthened so that it remains a guaranteed protection for Americans in retirement and when facing disability or the death of a loved one. As an investment adviser to average Americans, Wachovia should not be pushing a scheme that unravels these protections.

Sincerely,

Campaign Launched:
April 20, 2005

Background Information

Don't Privatize Social Security—Strengthen It

With private pensions and public employee retirement plans under attack, working families need more retirement security, not less. But privatizing Social Security would make retirement less secure by cutting guaranteed benefits by 40 percent even for those who do not choose privatized accounts.

They say:
The program is voluntary.

THE FACT IS:
The program is not voluntary—your retirement benefits are cut by at least 40 percent, even if you do not choose a private account.
They say:
You'll make more money with private investments.

THE FACT IS:
The government will take back 70 cents in your Social Security benefits for every dollar in your account when you retire—on top of the 40 percent cut in your guaranteed retirement benefits.
They say:
You'll get to personally direct your retirement investments.

THE FACT IS:
You don't control your own money—politicians will pick Wall Street firms to control your investment accounts, a process corrupted by politics.
They say:
You'll be able to pass on your retirement investments to your heirs.

THE FACT IS:
For most retirees, there will be little or nothing left to pass on because most Social Security investments cannot be passed on to heirs.

To find out more go to: www.aflcio.org/socialsecurity.