LCCR: Privatizing Social Security Would Harm Those Most in Need
Feature Story by archives.civilrights.org staff - 10/10/2005
Privatization would have dangerous implications for African Americans, Latinos, women, children, people with disabilities, and low income workers, according to a new report from the Leadership Conference on Civil Rights (LCCR), "Social Security: The Civil Rights Program for All Americans."Stating, "By undermining the progressive structure of Social Security's benefits, privatization would jeopardize Social Security's ability to lessen the impact of a lifetime of unequal economic opportunity," the report warns of the dangers of the Bush administration's proposal to reform the 70-year old program.
Social Security is an insurance program that protects workers and their families from loss of income when a worker retires, becomes disabled, or dies. Currently, 48 million retirees, people with disabilities, widows and children receive Social Security benefits, including more than 5 million children, according to the Social Security Administration's July 2005 report.
LCCR's report includes data showing that without Social Security's guaranteed benefits, millions more Americans would be driven into poverty.
President Bush's proposal to ensure longevity for the plan contemplates creating a voluntary program where beneficiaries could invest part of their payroll taxes into private investment accounts.
Civil rights groups argue that President Bush's plan would unfairly penalize women, minorities, and individuals with disabilities
According to LCCR's report, private accounts would amplify the effects of discrimination in the job market and pay inequities.
Calling Social Security one of the nation's most basic civil rights programs, LCCR executive director Wade Henderson said on the program's 70th anniversary earlier this year, "We will not stand by and let the administration tinker with the retirement security that so many Americans have spent their whole lives working for or allow cuts to programs that so many Americans count on to make ends meet."
