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The privatization of Social Security would disproportionately affect Latinos in a negative way. Three quarters of Latinos who are 65 years or older depend on this program for more than half of their income. If privatization occurs, 33 percent of Latino seniors would fall below the poverty line. The President forgets that this program was formed after the Great Depression to create a security net for seniors, not to drive them into another financial calamity. Social Security is vital to Latinos because we have lower earnings, higher rates of unemployment, longer life expectancies, higher rates of employment disability, and are less likely to have retirement income from other sources. Separate and apart from Social Security, we should create mechanisms to encourage more savings by low-income individuals. The CHC will reject any proposal that puts at risk Social Security’s promise to insure workers and their families against lost wages due to retirement, disability, or death. We will work to save, strengthen, and secure Social Security. The CHC hopes the President outlines a plan for Social Security that secures the financial stability of millions of today’s and tomorrow’s seniors. [more]