Political Quotes

“I want to spend my time this afternoon talking about Social Security, one of America's great all-American programs. It is in a class by itself, except for Medicare, of course. But, like so many programs, its beneficiaries vary according to race, sex or class, even given the universality of this extremely popular program. When people say that they think it will not be there for them, they also say that they do not want it changed much because they want it to be there for them. There are proposals floating around for private accounts where people would invest in equities in the stock market themselves. In considering these proposals, I ask only that this body consider that women are hugely, disproportionately affected by whatever we decide to do to Social Security. Twice as many women who live past 65 are poor as men, and so, in its wisdom, the Congress has structured the Social Security program to reflect this basic reality. Proposals for private accounts thus far do not take into account two characteristics that are unique to women: One, that they have less earnings over their lifetime, much of it due to discrimination, some of it due to family responsibilities; and, second, that they simply live longer. Personal savings accounts would, therefore, adversely affect them, because they have had less time in the workforce and because they have had lower earnings when they have been there.”