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Women and Social Security Alert No. 30

July 2010; New research from the Center for Economic and Policy Research, Older Women's League, the Insight Center, and Generations United.

ITEMS IN THIS ALERT:

  • Center for Economic and Policy Research (CEPR) Report: The Impact of Social Security Cuts on Retiree Income
  • Older Women’s League Video: Social Security: The American Promise
  • Insight Center Policy Brief:  "Social Security at 75: Building Economic Security, Narrowing the Racial Wealth Divide"
  • Generations United Fact Sheet: The Benefits of Social Security for Children

Upcoming Events

  • Hearing on Social Security at 75 Years: More Necessary Now than Ever – July 15, 2010

New Research

Center for Economic and Policy Research (CEPR) Report: The Impact of Social Security Cuts on Retiree Income

On July 13, the Center for Economic and Policy Research (CEPR) released its new analysis of the three most common proposals to cut Social Security: adopting a “progressive price” indexation formula for benefits, accelerating and extending the increase in the retirement age, and reducing annual cost-of-living adjustments.  The study finds that all three proposals would result in benefit cuts between 4 and 17 percent depending on the proposal.  It also finds that each of these proposals would have a negligible impact on the deficit in the next ten years.

To view the full report, please visit: http://www.cepr.net/documents/publications/ss-2010-07.pdf

Older Women’s League (OWL) Video: Social Security: The American Promise

On June 29, 2010, the Older Women’s League (OWL) released their new nine and a half minute video, Social Security: The American Promise. The video details the lives of three different Americans to show the importance of Social Security to people of all backgrounds and situations.  This would be a great resource for groups working to strengthen Social Security and to prevent benefit cuts.

To view the video, please visit: http://www.youtube.com/user/OWLnational.

Insight Center Policy Brief: " Social Security at 75: Building Economic Security, Narrowing the Racial Wealth Divide"

This new policy brief considers the past performance and future prospects for Social Security beneficiaries of color as the program turns 75 this summer.  The brief argues that policymakers need to understand the importance of Social Security for members of racial and ethnic groups that are poised to become the majority of the US population in a few decades.  It notes that a recent poll from the National Academy of Social Insurance found that 92 percent of African Americans, 90 percent of Latinos, and 86 percent of whites feel Social Security benefits are worth the cost.  Social Security is so popular among these groups because it plays a crucial role in keeping these vulnerable populations out of poverty.  It concludes with recommendations for how to strengthen Social Security to meet the needs of beneficiaries of color.

To view the entire brief, please visit:http://www.insightcced.org/uploads/CRWG/Social%20Security%20at%2075%20PolicyBrief.pdf

Generations United Fact Sheet: The Benefits of Social Security for Children

This fact sheet counters the myth that “greedy geezers” are the only ones who benefit from Social Security by emphasizing the importance of Social Security for children.  Six and half million children in the United States receive part of their family’s income from Social Security through survivors, retirement, and disability benefits, and the Supplemental Social Insurance (SSI) program.  More children receive benefits through this program than through any other federal program, including welfare.  The fact sheet details the five ways that Social Security benefits for children and families: survivors’ benefits, retirement benefits, disability benefits, benefits for individuals disabled as children, and SSI.  It also recommends reinstating student benefits.

To view the entire fact sheet, please visit:http://www.gu.org/documents/A0/Social_Security_Benefits_for_Children_7.2010.pdf

Upcoming Events

Hearing on Social Security at 75 Years: More Necessary Now than Ever – July 15, 2010

Thursday, July 15, 2010
9:30 AM
B-318 Rayburn House Office Building

Representative Earl Pomeroy (D-ND), chairman of the Ways and Means Subcommittee on Social Security, announced he will host this hearing to discuss ways in which benefits can be strengthened. The hearing will focus on the essential role Social Security plays in the well-being of American workers and their families as they face retirement, disability or death of a bread-winner, both now and in the future.

Witnesses Include:

  • W. Lee Hammond, President of the Board, AARP
  • Ethel Zelenske, Co-Chair of the Social Security Task Force, Consortium for Citizens with Disabilities
  • Kelly Ross, Deputy Policy Director, AFL-CIO
  • Sylvester J. Schieber, Ph.D., Independent Consultant, New Market, Maryland
  • Virginia Reno, Vice President for Income Security, National Academy of Social Insurance
  • Nancy Altman, Co-Director, Social Security Works
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