"This would have dire consequences including major borrowing and massive benefit cuts. It would mean the dismantling of Social Security as we know it," Rep. Sandy Levin, the senior Democrat on the House Ways and Means Social Security subcommittee, said in the Democratic Party's weekly radio address.
Bush and Vice President Dick Cheney have campaigned to build support for an overhaul, which includes the creation of the private accounts for younger workers. At appearances around the nation, they have warned that with millions of baby boomers approaching retirement, Social Security will be jeopardized for future generations.

On Wednesday, the trustees who oversee the government retirement program said Social Security will begin paying out more in benefits than it receives in payroll taxes in 2017. They estimated the program could deplete its trust accounts by 2041.

Levin said his constituents have raised concerns about the changes. Those nearing retirement have "doubts that diverting nearly $5 trillion over 20 years would not impact their Social Security."

For younger workers, Levin said, the overhaul "saddles future generations with massive debt and requires major benefit cuts for everyone, even for those who do not choose a private account."

Levin said Democrats were "ready and willing" to start work on a bipartisan plan to consider the challenges that Social Security will face in the future.
"The president's proposals to divert Social Security money to private accounts move us in the wrong direction," Levin said. "They are a roadblock -- standing in the way of bipartisan efforts to strengthen this vital program for all future generations."