Thursday, December 30, 2010

WIN: Attacks on Social Security will hit women especially hard


Women will be especially hard hit if Congress approves any cuts to Social Security and Medicare. Doug Cunningham reports.

The National Organization for Women President Terry O’Neill says because women are at a disadvantage when it comes to pensions, they will suffer more than men from any social security cuts.

O’Neill: These proposals to cut social security really will push hundreds of thousands of women - middle-class women - into poverty.

Women are almost twice as likely as men not to have pensions in their retirement. Why is that? Well, because they’re far more likely than men not to work in union jobs. And union jobs are very much jobs that provide pensions.

The gender pay gap also adds up to disproportionate pain for women as they retire.

O'Neill: Women are also far more likely than men to head into their retirement years without savings. When you work a lifetime with unequal pay you have a hard time socking away money for your own retirement.

Corporate tax rates have actually gone down as well. So the blueprint talks about ways to get our tax system back in balance and more fair.

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