[Congressional Record (Bound Edition), Volume 151 (2005), Part 6]
[Extensions of Remarks]
[Page 8380]
[From the U.S. Government Publishing Office, www.gpo.gov]




    CONGRESSIONAL HISPANIC CAUCUS SOCIAL SECURITY AND LATINOS FORUM

                                 ______
                                 

                          HON. HILDA L. SOLIS

                             of california

                    in the house of representatives

                        Thursday, April 28, 2005

  Ms. SOLIS. Mr. Speaker, on Monday, April 25, 2005, the Congressional 
Hispanic Caucus organized a Social Security and Latinos Forum to 
address the Bush Administration's disturbing proposal to privatize 
Social Security. This forum was very important because as Chair of the 
Congressional Hispanic Caucus' Health Task Force and Democratic Chair 
of the Women's Caucus, I believe we must discuss the impact of the 
proposed privatization to our Latino community.
  The President's privatization plan will not help Latino families and 
will especially hurt Latinas in the future. Right now, Social Security 
gives people with lower earnings a greater return on what they pay into 
Social Security. Latinas will be especially hurt by the Bush 
Administration's plan because they are more likely to be employed in 
lower-wage jobs and have fewer years in the workforce. Latinas are 
already facing disproportionate pay gaps--they earn only 55 cents for 
every dollar that men earn, which is much less than national wage gap 
which averages 76 cents per dollar earned by a man. As a result, 
Latinas are less likely to have pensions or retirement savings to 
supplement their Social Security checks and money to invest in risky 
private accounts.
  Let's look at the facts: About 46 percent of older Latinas depend 
entirely on Social Security in retirement; only 33 percent of Latinas 
have retirement income from savings or assets; and 60 percent of 
Latinas over the age of 65 would live in poverty without Social 
Security. If the President's plan to privatize Social Security moves 
forward, young Latinas in their 20s and 30s will see their benefits cut 
by at least 30 percent.
  I am also very worried about how Latina mothers will be affected by 
the privatization plan. Latina moms rely heavily on their Social 
Security monthly benefits to provide for their families, especially if 
their husbands become injured or die. Latinos have higher rates of 
disability, and, consequently, are more likely to receive benefits from 
the Social Security Disability Insurance Program. The work injury rate 
for Latinos in 2000 was 16.7 percent compared to 11 percent overall. In 
2003, the rate of fatalities for Latino workers was 13 percent higher 
than the rate for all workers. Many Latinas rely on disability and 
survivor checks to keep their families fed and clothed.
  Congress needs to start talking about real solutions for Social 
Security that will help hardworking Latino families. We have and will 
continue to save, strengthen, and secure Social Security for our 
community. Once again, I thank the Congressional Hispanic Caucus for 
organizing on the Social Security and Latinos Forum.

                          ____________________