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  • Tuesday, December 21, 2004


    Social Security and Women

    When I came across this on Lying Media Bastards, I felt very much the same about this so-called privatization of Social Security. The people who will profit from this restucturing will be the money handlers. I've been thinking some about the difference between macro problems (national economy, military force, etc) and micro problems (individual joblessness, homelessness, etc.). I see a confusion in some public discussions because examples of individual solutions are held up as representative of societial solutions. Thus, what is intended as a broad social safety net for retirement (Social Security) is changed into an individual solution ("retirement accounts"). No real conclusions but it's worth noting this... well, "bait and switch" comes to mind.

    This is from A True Safety Net:

    Social Security is the foundation of women's economic security in retirement. The program provides 90 percent or more of the income received by more than 40 percent of unmarried women – widows, divorced and never-married women. Without Social Security, more than half of older women would be poor. But Social Security also provides less widely known protections that are critical for women and their families earlier in their lives.

    Social Security offers support to Americans when the unexpected happens. It replaces lost income for workers and their spouses and children when a worker becomes disabled or dies prematurely. For a young family, Social Security provides the equivalent of a life insurance policy worth over $400,000 and a disability insurance policy worth over $350,000, according to the Social Security actuaries. Because they have higher rates of premature disability and death, these insurance benefits are especially important to African American and Latino women and their families. One in five African American and Latino beneficiaries is under age 55, compared to one in 10 white beneficiaries.

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