"Hello, this is Senator John Kerry from Massachusetts.
This Sunday --August 14th-- marks the 70th anniversary of the day the Social Security Act was signed into law by President Franklin Delano Roosevelt. Social Security has been called the most successful government program in the world because it lifted millions of seniors out of poverty.
Hispanics are less likely to have additional sources of retirement income, and therefore after a lifetime of hard work rely on Social Security to a greater extent. Without Social Security, 56 percent of Hispanics would live in poverty.
As the Ranking Member of the Small Business and Entrepreneurship Committee I am deeply concerned about the detrimental effect that President Bush's plan to privatize Social Security would have on Hispanic small businesses.
Studies have shown that the Social Security private accounts President Bush proposes would cut benefits for small business owners and employees. President Bush's plan would likely burden small businesses with hundreds, if not thousands, of dollars in administrative costs and red tape in managing the private accounts of their workers.
But the President continues to go around the country promoting a Social Security proposal that will drag America's small businesses and their employees backward. Private accounts won't do a thing to protect Social Security and they won't work for small businesses.
No matter how a system of private accounts is set up, small businesses risk losing 40 percent or more of their Social Security benefits, profits and valuable time and resources under President Bush's privatization plan.
At a time when Hispanics represent the largest minority and one of the fastest growing business group we must ensure that we work together to strengthen Social Security.
This is Senator John Kerry. Thank you for listening"