Sean Patrick Maloney: “on April 19 of this year, we observed Equal Pay Day, a day that indicates just how far into each year a woman must work…”

“on April 19 of this year, we observed Equal Pay Day, a day that indicates just how far into each year a woman must work to earn as much as a man earned in the previous year. Because women on average earn less than men, they must work longer for the same pay. While many of my colleagues have addressed the impact of the pay gap on working women, I want to call attention today to how Social Security reduces this inequity for women in retirement in a way that private accounts will not. It is no surprise that women are particularly wary of President Bush's proposed private accounts for Social Security. Women are more likely than men to depend on Social Security for their financial well- being, not only in retirement but throughout their lives, through survivorships and disability benefits. The vast majority of Social Security recipients are women, representing almost 60 percent of all beneficiaries age 65 and over. And an even higher percentage of women that are seniors and are in older age groups are on Social Security. Unfortunately, women still make less money than men, about 76 cents on the dollar, and usually work fewer years than men. Social Security provides proportionately higher benefits for lower earners; so the progressive benefit structure counteracts the pay and pension gaps that women experience during their working years. As this chart shows, women typically earn about 24 percent less than men.…”