Social Security Only Consistent Income for Seniors
with Retirement Accounts Threatened
Obama, McCain battle over private investment
accounts. Administration's failed economic policies have threaten
seniors' income security, says Committee to Preserve Social Security,
Medicare
Sept.
23, 2008 With leaders in Washington focusing on a rapid solution to
the worst financial crisis since the depression, one advocacy group,
worried about retirement accounts and any threats to Social Security,
has issued a reminder to those shaping the rescue that Social Security
providesthe only consistent source of income for American
retirees and their families.
According to the National Committee to Preserve
Social Security andMedicare, the administration's failed
economic policies have severelythreatened seniors' income
security at a time when their finances are alreadystrained.
● More Seniors Going Broke: Americans 55
and older have seen thesharpest increase in bankruptcy filings
than any other age group in the pastdecade.
● Older Americans Working Longer: Last
month, 16.4% of Americans65 and older were in the workforce.
That's the highest percentage in 38years.
● Homes Lost: Homeowners over age 50
account for an estimated28% of all delinquencies and
foreclosures. That's 684,000 older Americanswho have already
lost their homes or are in danger of losing them now.
Social Security is still the foundation for most
seniors' retirement. Withoutthis critical safety-net program,
over half of all older Americans would fall intopoverty, the
group claims in their news release.
Battle Over
Private Investment Accounts for Social Security Enters
Presidential Race
The
credit crunch spreading almost unprecedented wreckage in
financial markets has, justifiably, raised concerns among senior
citizens about the viability of their retirement accounts and
even Social Security.
The threat to Social Security is not as
imminent as is the threat to retirement savings held in the
failing banks, but could have been threatened if President Bush
had been successful in convincing Americans they should put part
of their retirement money in private investment accounts.
The private investment account idea was
backed by Sen. John McCain, who has now picked it up as part of
his presidential campaign.
The market problems have focused more
attention on this as a primary difference between McCain and his
Democratic opponent, Sen. Barack Obama.
Obama said recently, John McCains
talked about privatizing social security. Imagine if you had
some of your social security money in the stock market right
now, how youd be feeling about the prospects or your
retirement. Without social security half of elderly women would
be living in poverty... Millions would have watched as the
market tumbled and their nest egg disappeared before their
eyes."
More than many other federal programs, Social
Security doesexactly what it was designed to do - it gives
retired people a secure, basicincome for as long as they live.
As home equity evaporates, investment
income plummets and healthcare costs skyrocket unchecked, programs suchas Social Security and Medicare must continue to provide a vital
lifeline formillions of American families during this and any
other economic crisis.
Barbara B. Kennelly, president of the group, adds,
"The Bush administration and its allies have wasted 8 years trying toconvince the American people that Social Security should be
privatized.
"Thiseconomic crisis has clearly proven how
disastrously wrong they have been.The next President and members
of Congress will shoulder the ultimateresponsibility for
ensuring that Wall Street's past mistakes will not imperilSocial
Security's and Medicare's protection for futuregenerations."
Information provided by news source:
The National Committee, a nonprofit, nonpartisan
organization acts in theinterests of its membership through
advocacy, education, services,grassroots efforts and the
leadership of the Board of Directors andprofessional staff. The
work of the National Committee is directed towarddeveloping
better-informed citizens and voters.
www.ncpssm.org
Keep up with the latest news for senior citizens, baby
boomers
Sept.
23, 2008 With leaders in Washington focusing on a rapid solution to
the worst financial crisis since the depression, one advocacy group,
worried about retirement accounts and any threats to Social Security,
has issued a reminder to those shaping the rescue that Social Security
provides the only consistent source of income for American
retirees and their families.
