We must work to stabilize Social Security. We must not gamble with our nation's social insurance program, one of our most popular and effective federal programs that has remained dependable and stable for the past 70 years.
Because of my own experience with market fluctuation, I recognize the great risks one takes on investments. This converts the Social Security safety net into a risky proposition many cannot afford to take.
Our political leaders must be honest and forthcoming with data that will allow citizens to use facts and figures to judge for themselves what state Social Security is in.
We must explain the truth: There is no free lunch.
Our Hispanic community needs to understand how important the Social Security system is for not only its retired citizens, but also its disabled workers.
Social Security has been effective for 70 years; prior predictions of its demise have been totally overstated.
To allow all U.S. workers to put part of their earnings into private investment accounts would definitely erode the Social Security system and cause uncertainty for new investors.
If Congress doesn't raise taxes, you cannot get a private investment account without forgoing a portion, possibly all, of your guaranteed benefit check.
Because of their low earnings and family obligations, Latinas would not be putting much money into private investment accounts. An average Latina could wind up losing thousands of dollars under this proposal.
Because Social Security is specifically designed to boost the retirement income of low earners with a progressive benefit formula, the program has played an enormous and necessary role in keeping Latinas out of poverty.
There is a need for Social Security reform to ensure its stability, and Congress must act.
