Monday, October 29, 2007

Importance of Social Security

Via Kevin Drum, I found this informative article on Social Security that is worth a careful read:

Social Security has never been more important to more Americans than it is now. Private pension plans continue to dwindle -- currently covering only about 20 percent of private-sector employees -- and the national rate of savings hovers around zero. We just can't afford to cut Social Security benefits further. There's no way to make up for the loss.

Social Security benefits are vital to nearly all recipients. About a third of the elderly rely on Social Security for 90 percent or more of their income; two-thirds count on it to supply at least half of their income. The program lifts 13 million elderly beneficiaries above poverty.

Without Social Security, 55 percent of the disabled -- and a million children -- would live in poverty. The program is particularly important to women and minorities. It provides 90 percent or more of the incomes of almost half of all unmarried women age 65 and older (including those who are widowed, are divorced or never married), and it is the sole source of income for 40 percent of elderly African Americans and Hispanic Americans.

Social Security is the nation's most effective anti-poverty program. But it's much more than that. For every worker it provides a solid base on which to try to build an adequate level of retirement income. To weaken that foundation would be grossly irresponsible.

Grossly irresponsible! That’s the Republican Party’s mantra these days. It’s George W.’s middle name. The radical right can’t tolerate effective government programs that do what they are supposed to do! It undermines their entire anti-government philosophy! That is why they want it privatized. Not that they think it will work better that way. They don’t really care one way or the other about that. They just can’t stand having it continue as a successful government program.

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