Approximately 100 labor, social security and women’s rights advocates gathered outside of Washington’s Capitol Hilton hotel this morning to rally against President Bush’s initiative to privatize social security. The majority of Bush’s Social Security Commission, which was meeting at the hotel, largely supports replacing the current system with private accounts in order to encourage investment in the stock market.
The National Women’s Law Center (NWLC) reports that the administration’s “ultimate plan” is to replace Social Security, which will lead to “deep cuts in guaranteed benefits” and have the greatest impact upon women and minorities. Returns from private accounts would not fully compensate for cuts in guaranteed Social Security benefits required for privatization. Low earners–predominantly women and minorities–would experience the greatest drop in net retirement income.