Diaz-Balart Praises Bush for Discussing Need to Strengthen Social Security with Hispanic Leaders
WASHINGTONCongressman Mario Diaz-Balart (R-Fla.) today praised President Bush for discussing with Hispanic leaders the need to strengthen Social Security at the Latino Coalition's Small Business Conference in Washington, D.C.
"Hispanics are the youngest and fastest growing segment of our population," Diaz-Balart said. "They are also the ones who will be doubly hurt by Social Security's bleak fiscal future. If nothing is done to strengthen Social Security, today's Hispanic workers will incur a higher and higher tax burden to sustain a program that will drastically cut their promised benefits by more than 27 percent when they retire. This is unacceptable.
"I am pleased that President Bush is reaching out to Hispanic leaders about this critically important issue," Diaz-Balart continued. "Younger workers should have the opportunity to build a nest egg by voluntarily putting a portion of their payroll taxes into a personal retirement account.
The current system already leaves more than 20 percent of Hispanic seniors in poverty despite paying a lifetime of taxes. Furthermore, many Hispanic workers cannot afford to save for retirement outside of Social Security. Giving Hispanic workers the chance to invest in voluntary personal retirement accounts within the Social Security system will give them the opportunity to build wealth that they can pass on to their spouses or children.
"Ownership opens doors for workers and their families," Diaz-Balart concluded. "The President's plan would help low- and middle-income workers save toward a better future."