Without Social Security, Poverty Rate for Hispanic Seniors Would Increase Three-Fold

Poverty Rate Among Hispanic Seniors Would Triple

On August 14, 2005, Americans will celebrate the 70th anniversary of the signing of the Social Security Act by President Franklin Delano Roosevelt, the historic legislation that created Social Security. Since its creation, Social Security has helped millions of Americans retire in dignity. Social Security represents the very best of America's values, since it also safeguards Americans’ independence and economic security in retirement and for families coping with death or disability. Now, the Bush Administration is attempting to privatize this important program. By diverting payroll taxes from the Trust Fund, the Bush plan amounts to a large cut in Social Security funding. That, in turn, would lead to deep benefit cuts.

To celebrate Social Security's birthday, the DNC will offer a new fact each day this week highlighting how this program positively affects the lives of millions of hard-working Americans.

Without Social Security, Poverty Rate for Hispanic Seniors Would Increase Three-Fold. If not for Social Security, the poverty rate for older Hispanic Americans would nearly triple from 19% to 55%. 41% of older Hispanic beneficiaries rely on Social Security for their only source of retirement income. [http://socialsecurity.ourfuture.org/issues/family/]