Mike Levin: “first, I commend Senator Corzine for the leadership role he is taking in trying to protect Social Security for all…”

“first, I commend Senator Corzine for the leadership role he is taking in trying to protect Social Security for all Americans. Today we are particularly focusing on the Social Security needs and concerns of women, but the effort is a much broader one. It is to protect Social Security from the recommendations of the President's Commission on Social Security which would lead to a lessening of the security, would make it less of a social instrument, and leave it more up to the whims of the stock market, which may or may not go up, which may or may not, therefore, lead to more funds in the hands of people who own private accounts but, overall, would make this Nation and its seniors and people who are about to become seniors, in their forties and fifties, a lot less secure. A week ago a report was released by the National Older Women's League, or OWL, to commemorate Mother's Day. It was an appropriate day to release this report. The report shows the problems that would be created if the recommendations of that President's Commission were adopted. It is entitled 'Social Security Privatization: A False Promise for Women.' I encourage every Member of this body to read this report. It clearly demonstrates that the recommendations of the President's Social Security Commission are a bad deal for Americans and particularly bad for women. Currently, women comprise 58 percent of Social Security beneficiaries over the age of 65 and 71 percent of those over the age of 85.”