Social Security Privatization Hurts Women

[MissCatholic]

Four Democratic women Senators will hold a public town hall meeting today in Seattle, WA, with women from all walks of life to talk about the negative impact that the GOP Social Security privatization scheme would have on American women.

"The President's Social Security privatization plan will hurt women" said DNC Communications Director Karen Finney. "Women depend on Social Security to make ends meet. More than half of women seniors would be in poverty without its guaranteed benefits. Despite efforts to mislead them, American women know that just as Bush's privatization plan is bad for seniors, bad for younger workers and bad for our nation's finances, it's particularly bad for American women of all ages."

Recent reports highlight the impact privatization would have on American women.

Half of All Women Seniors Would Live in Poverty Without Social Security
Women can't afford to gamble away their Social Security benefits on the stock market. More than 50% of America's women seniors would live in poverty without their guaranteed Social Security benefits. [Democratic Policy Committee; U.S. Census Bureau, "Poverty Status of People, by Age, Race, and Hispanic Origin: 1959 to 2003"; AARP Public Policy Institute, "Social Security and Women: Some Facts," 10/03]

2 out of 3 Women Seniors Rely on Social Security for At Least Half of Their Income
The Republican privatization plan includes a cut in the guaranteed Social Security benefits of all Americans. Since nearly 67% of all women seniors receive half their income from Social Security, any benefit cut would affect their ability to make ends meet. [National Women's Law Center, Women and Social Security Reform: What's at Stake]

Most Mothers Can't Contribute As Much to a Private Account
Many American women have shorter work histories, lower salaries, because they leave the workforce to have children. Under the Republican privatization scheme, mothers would have less money in their private accounts and would be most adversely affected by the Republican-proposed cut in their guaranteed benefits. [Anna Rappaport, Mercer Human Recourse Consulting, "Women and Social Security: Important Issues for Financial Security of Older Americans, May 21, 2004

[A18]

So every woman getting a 15% benefit cut in 2040 does not hurt women?

The reduction of guaranteed benefits is already in current law. It is not possible to provide, with the current system, those benefits. It's about how you want to make up for it -- investment or higher payroll taxes. I see no reason to go with the latter, when the former has numerous examples of success.

[MissCatholic]

Well, ive meet many people who already regret their vote for Bush in Iowa and Missouri who didnt understand what Bush was going to do with Social Security.

Unfortunately they have realised the following...
fox news are spokes people for the GOP...they always say personal not private.
the people who want this is wall street.
if you think these private accounts are a good idea. why dont you e-mail Eliot Splitzer who has dealt with most of these scumbags who want personal accounts.
ever noticed that come an election wall street always says the economy is in great shape when republicans are in charge but clinton - who created 26 million jobs + the same unemployment as bush - was called bad.

wall street likes republicans becasue they con the middle class. they make us think that they care about our investment. but they care for one person - themselves. then the rich pals.

[A18]

That post contained absolutely no substance relating to personal accounts whatsoever.

The accounts are not private, period. They are called private only in that they are personal. The government still controls what you're allowed to buy.

[Bono]

Well, ive meet many people who already regret their vote for Bush in Iowa and Missouri who didnt understand what Bush was going to do with Social Security.

Unfortunately they have realised the following...
fox news are spokes people for the GOP...they always say personal not private.
the people who want this is wall street.
if you think these private accounts are a good idea. why dont you e-mail Eliot Splitzer who has dealt with most of these scumbags who want personal accounts.
ever noticed that come an election wall street always says the economy is in great shape when republicans are in charge but clinton - who created 26 million jobs + the same unemployment as bush - was called bad.

wall street likes republicans becasue they con the middle class. they make us think that they care about our investment. but they care for one person - themselves. then the rich pals.

I thought I was in the mood for seafood.  Oh, look, red herring.

[MissCatholic]

Bono - are you saying that wall street is clean?

[Bono]

Bono - are you saying that wall street is clean?

Of course not. It's fool of crooks, much like the democratic party.
 But that's not relevant. In fact, I oppose that part of the Bush plan, I think workers should be able to invest as they see fit, but even between favored cvompanies, there is competition, which makes it an improvement from teh current monopoly, that doesn't grant any rights to benefits anyways.

[A18]

I personally would just abolish the payroll tax cap, kill off the 'normal' income tax, and raise the payroll rate to 15 percent to fund government operations currently covered by the income tax.

Then just abolish welfare benefits for wealthy retirees, and for future generations, just make it a safety net (that can hopefully eventually be passed on to the states).

[Jake]

Social Security as it is hurts everyone, not just women. Your nice article misses the fact that in the private plans, the money is only going to be allowed to be put into safe funds.  If you know anything about investing, you'd understand.

[Blue Rectangle]

Reminds me of a joke.

NY Times reporter picks up the phone, "Hello, NY Times here."
"Hello, this is God," says the voice on the line.
"Really?" says the reporter.
"Yep, really.  I got an exclusive for you: I am going to destroy the world this Friday."
"Really?  Wow, now that's news!"
"Sure is," says God, "everything and everyone will be destroyed.  Nothing left.  Armageddon."
"What a tip!" thinks the reporter as he hangs up and starts writing up his story.

The next day the New York Times has a huge banner headline: "WORLD TO END FRIDAY"

The sub-headline reads: "Women, Minorities Hardest Hit"

[Moooooo]

The Social Security privitization plan has fallen flat on its face.  No worries.  I doubt that it will even make it to the floor of congress this year.

[??????????]

Seems like Nomo relies has made his return.