Social Security was established nearly 70 years ago to provide a critical safety net to protect our most vulnerable citizens. Now, citing a fictitious “crisis,” President Bush wants to overhaul Social Security and change the way benefits are calculated and distributed, including having workers invest part of their contributions into private accounts. These proposals will severely undermine the Social Security safety net and disproportionately harm women and minorities. Social Security – the guaranteed foundation for most seniors’ retirement – must be strengthened, not whittled away.
The Social Security reform plan that President Bush is promoting would exacerbate those problems by diverting one-third of a worker’s Social Security contributions to private accounts. The result would be lower guaranteed benefits for ALL future retirees, regardless of whether they open individual private accounts. Lower benefits would cause great harm to women, who are much more likely than men to depend on Social Security’s guaranteed benefits to avoid poverty.
National Partnership for Women and Families: Social Security Page