Proposed privatization plans would replace a portion or all of the Social Security program with a new system of personal retirement accounts. President Clinton is considering the possibility of investing part of the retirement fund in the financial market. Harvey indicated that the privatization proposals before the national conference do not make provisions for the differences between men and women. Harvey stressed that since disparities exist in social security benefits between of men and women, the proposed plans would only worsen the poverty situation for women. Statistics reveal that women are more likely to spend fewer years in the workforce, earn less than men when they do work, and often do not have a pension.
Women are also likely to live longer lives than men in the United States.
Statistics reveal that women over 65 are in poverty at twice the rate of men over 65. If privatization proposals are implemented, Harvey said, the financial security of older women would be undermined. The General Board of Church and Society at the October board meeting signed-on to a statement urging US leaders to protect and strengthen Social Security.