Saying George W. Bush's partial privatization plan for Social Security would dramatically cut everyone's retirement benefits, the AFL-CIO said it is joining a broad coalition to oppose the scheme.

Bush's plan "would dramatically cut guaranteed benefits," federation President John Sweeney told a Dec. 16 press conference hosted by the Campaign for America's Future.

He said Social Security, which now serves more than 47 million people and which is available to all, is under attack.

"America's working families are being squeezed as never before. Too many people are losing good jobs, health insurance, pensions and now they face the prospect of losing the one thing that has been a guarantee--Social Security," said Sweeney.

"The only group that would benefit from privatization is the financial service industry, to the tune of nearly $1 trillion in fees to manage the private accounts. This would be the largest windfall for that sector in American history," he added.

Bush wants to divert one-sixth of Social Security's payroll tax revenues to Wall Street-managed "private investment accounts" without saying how he would make up for the estimated $2 trillion loss to the system. Bush and his business allies pushed privatization at a White House economic conference.

This article was written by Press Associates, Inc., news service. Used by permission.