Social Security Privatization Hurts Women
Washington, DC – 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]
