Back Off!

In 70 cities all across the country, thousands of workers demonstrated on March 31 outside the offices of Wachovia and the Charles Schwab investment firm, with a clear message: "Don't Pick Our Pockets to Line Yours!" Along with other union activists and political leaders, workers called on the financial firms to renounce their support for privatizing Social Security.

In San Francisco, an estimated 2,000 workers — including AFSCME members — picketed the Schwab office with chants and speeches denouncing the investment giant for pushing to privatize Social Security because it would reap huge profits managing private accounts — making millions of dollars handling working people's retirement savings.

"Schwab is working directly against our interest," said Robert Spencer, a park ranger and a member of Local 2428 (Council 57), who brought his two sons to a San Francisco rally. "When we look back at this fight, my children and I will know we took action to preserve the Social Security program for them." AFSCME members joined similar demonstrations in Columbus, Ohio, and Batavia, Ill., where more than 70 retirees rallied outside the office of House of Representatives Speaker Dennis Hastert (R).

As a result of growing pressure from Americans United to Protect Social Security, a coalition that AFSCME helped create, other investment groups — Edward Jones and Waddell & Reed, for example — have pulled out of the pro-privatization lobby.