[NV Greens] Fwd: NOW Warns Women About Bush's Social Security Scheme

[Paul Etxeberri]

>
>
>National Organization of Women
>February 3, 2005
>
>NOW Warns Women About Bush's Social Security Scheme
>
>"As he did in the State of the Union speech, George W.
>Bush misleads the public on Social Security at
>virtually every turn," said NOW President Kim Gandy.
>"Women, regardless of age, have the most to lose under
>Bush's privatization scheme, and they must take the
>time to understand the fundamental flaws and deceptions
>in the president's analysis of the system."
>
>"Bush claims that Social Security will be completely
>'bankrupt' by the year 2042. This statement is flat-out
>false and Bush's assertion that private accounts will
>create a secure retirement has no basis in sound
>forecasting."
>
>On average, women in the U.S. make less than $30,000 a
>year. Women earning such low wages will not be able to
>contribute enough into a private account to purchase an
>annuity that will sustain them over an expected 20
>years of retirement life. In addition, many insurance
>companies that sell annuities unfairly discriminate
>against women by charging them more (or paying lower
>benefits) because they live longer on average than men!
>And Bush never addresses the fact that Social Security
>is also a disability insurance and life insurance
>(survivors' benefits) program, which would be
>irreparably weakened by draining funds from the
>insurance pool-and those life-sustaining benefits would
>be reduced without recourse.
>
>"Women, particularly women of color who earn
>considerably less over their lifetimes, will be put at
>great risk by reducing their guaranteed benefits and
>then subjecting their small investments to market
>forces," said Gandy. "Under a privatization plan, the
>working poor will lose the compensatory increased
>Social Security benefit paid to lifetime low-income
>earners and they will lose the guaranteed, inflation-
>proofed benefit."
>
>Gandy added: "Make no mistake about it, privatization
>of Social Security will disproportionately hurt
>women-many of whom are already at a disadvantage
>because of pay discrimination, time out of the paid
>workforce to care for families, insufficient or non-
>existent pensions and meager savings."
>
>"Women do not need reckless assertions about how Wall
>Street will do a better job than a system that has
>provided security to millions over the last 70 years.
>With only minor adjustments we can improve benefits and
>address the solvency problem far into the next century.
>President Bush is playing a costly game of bait and
>switch in order to divert billions of dollars in fees
>to investment firms. Women's rights advocates and our
>allies are determined to stop him."
>
>http://www.now.org/press/02-05/02-03.html
>
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-- 
Paul Etxeberri

"Forests precede civilizations and deserts follow"   ---Chateaubriand