NOWWarns Women about Bush's Social Security Scheme

[COUNTRYBUMPKIN]

Subject: NOW Warns Women About Bush's Social Security Scheme







National Organization of Women


February 3, 2005


http://www.now.org/press/02-05/02-03.html


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."


###
FOR IMMEDIATE RELEASE
CONTACT: LISA BENNETT, 202-628-8669 x 123

[kimmie]

NOW is so radical and avid to promote abortion and other things that I'm more tempted to support the President on this now than ever before.

It doesn't seem to matter what the issue is, NOW always says that women have the most to lose. Seems as though an awful lot of women have lost so much when you look at what NOW and their 'glorious' ERA have gotten us.

JMHO

[guest2]

I have to agree with Kimmie on this one. I do not support NOW at all. According to their agenda, under the ERA, all women between the ages of 18 and 25 would have to register for the selective service because that is what all males have to do now. As my sons have so aptly pointed out, biblically men are supposed to protect the women. Also, and this is the clincher for me, they advocate abortion and have pushed for later and later term abortions. Abortion is a hot issue for me (I cannot see how killing innocent babies is a woman's "right").
And...have any of you looked at how much you are going to get from SS upon your retirement? There is no way under the current system that I will have enough "income" under that system to survive. I welcome these new and proposed changes.