Social Security Changes Will Primarily Hurt Women

Kim Gandy of NOW spoke to the National Press Club about George Bush's proposed privatizing of Social Security. She had some good points including noting why women will be more affected than men:

• Women are far less likely than men to have a pension from their jobs, so Social Security is likely to be their primary retirement income.
  
  
  
  
• Even if they have supplemental savings, women live longer on average than men, so their savings run out sooner — and the majority of the very elderly are women whose only source of support is social security.
  
  
  
  
• Most women earn less than $25,000 per year — so the administrative costs of such a small private account would eat up most, if not all, of the earnings each year. In Chile, where accounts are privatized, administrative costs consume not only the interest income but as much as one-half of the total contribution.
  
  
  
  
• Women, no matter how clever, will need a lot more than what this administration offers to make them part of an "ownership society." Instead, we're heading toward a society where we're owned by brokerage firms and the vagaries of the stock market.
  
  
  
  
• Women have always been the guardians of their families' interests, and we won't stop now. Across the country, women will be standing up against this effort to privatize Social Security. We are determined to strengthen this important family security insurance program to make sure it will be here for our children and grandchildren.

Something more to think about in these Saturn in Cancer times...........