For Immediate Release
Tuesday, March 08, 2005
AFSCME President Urges Pfizer Inc. to Disavow Support for Social Security Privatization
Washington —Gerald W. McEntee, President of the American Federation of State, County and Municipal Employees (AFSCME), AFL-CIO, has sent a letter to Henry A. McKinnell, Chief Executive Officer at Pfizer Inc. (NYSE:PFE), urging the company to publicly disavow its support for Social Security privatization and withdraw its membership from the Alliance for Worker Retirement Security.
President McEntee wrote the letter on behalf of the hundreds of thousands of AFSCME members who are Pfizer's direct customers and the public employee benefit programs that contract for their products. "We've concluded that a pro-privatization position would represent a poor business decision that would damage the reputation of your company," said McEntee. As the only drug company with membership in the Alliance for Worker Retirement Security — a leading coalition supporting Social Security privatization — Pfizer could be considered 'anti-senior citizen,' in its approach to public policy issues that affect retirees."
Public polling shows that the overwhelming majority of older Americans oppose private investment accounts in Social Security. And of all age groups, seniors are the most strongly opposed to changing the current system. "AFSCME regards Social Security as one of the greatest success stories in American government," added McEntee. "Social Security currently generates a surplus and can pay 100 percent of benefits until at least 2042 and 73 percent thereafter. The resulting shortfall is a manageable problem, not a crisis."
The American Federation of State, County and Municipal Employees (AFSCME), AFL-CIO, is the nation's fastest growing public service employees union with 1.4 million members. AFSCME organizes for social and economic justice in the workplace and through political action and legislative advocacy. AFSCME represents a diverse group of service and health care workers in the public and private sectors including nurses, EMTs, bus drivers, child care workers, custodians and librarians.
- Letter from Pres. McEntee to Henry McKinnell
