Democrats say Social Security is threatened

WASHINGTON (CNN) -- Democrats say they want to save Social Security from the grip of Republicans, whom they accuse of depleting its trust fund and pursuing privatization.

"Republican congressional leaders want to wait until after the fall elections before revealing their plans to privatize Social Security and cut your benefits," Sen. Jon Corzine, D-New Jersey, said in the Democrats' weekly radio address Saturday.

Corzine echoed comments made earlier this month by former Vice President Al Gore, who renewed accusations that the Bush administration is "intent on raiding the [Social Security] trust fund."

"In recent months, President Bush and congressional Republicans have again pushed for raids on Social Security to finance tax breaks for large corporations, including --incredibly -- a $250 million tax break for Enron," Corzine said.

Corzine, a former executive with investment banking firm Goldman Sachs, also criticized plans for privatization, saying they would require drastic benefit cuts down the road for all Social Security participants, including those who choose not to invest in private accounts. He went on to say lawmakers should build on Social Security with a prescription drug benefit for seniors under Medicare.

While acknowledging long-term pressures on Social Security, Corzine said the entire Social Security shortfall is less than half the cost of last year's tax cut, which he said went primarily to the well-off.