Washington — According to a new report from the National Gay and Lesbian Task Force, lesbian, gay, bisexual and transgender (lgbt) Americans will be disproportionately harmed by President Bush’s plan to privatize a portion of Social Security accounts. The plan, which has not gotten "political traction" among Americans generally, carves out a percentage of Social Security taxes for each person to invest in the stock market. It relies on estimates of a better than average return, increased deficits, and reduced benefits, the report finds.
      Selling Us Short: How Social Security Privatization Will Affect Lesbian, Gay, Bisexual and Transgender Americans documents that lgbt Americans, on average, have lower incomes than their heterosexual counterparts, which translates into lower Social Security benefits when we retire. In addition, same-sex couples are not eligible for Social Security's spousal and survivor benefits, making the lgbt community disproportionately vulnerable to the benefit cuts and risks inherent to the president's plan.
       "There is a widespread myth that gay people are economically advantaged compared to heterosexuals," said Sean Cahill, director of the Task Force's Policy Institute. "In fact, gay and bisexual men earn anywhere from 13 percent to 32 percent less than heterosexual men."
      Selling Us Short finds that lgbt people of color, in particular, face an income disadvantage that leads to lower Social Security benefits. According to the 2000 U.S. Census, black and Hispanic same-sex couples earn roughly from $1,000 to $9,000 less in median annual household income than black and Hispanic married opposite-sex couples.
      "Gay people have to report domestic partner health insurance as income to the IRS, but married spouses don't have to report their health coverage as income," explained Cahill. "Not only do we earn less, we are less able to keep what we earn."
      Mandy Hu, author of the report, added, "Even though lgbt Americans pay into the Social Security system at the same rate as everyone else, our families and children receive fewer benefits, often in times of crisis." Hu Cited the Defense of Marriage Act as the source of discriminatory policies.
       Amber Hollibaugh, NGLTF's senior strategist and specialist on lgbt elders, explained that lgbt people "are more likely to age alone and less likely to have children than their heterosexual counterparts." This fact, along with lower earnings, makes us more likely to be in need of Social Security.
     Selling Us Short finds that lgbt elders could be negatively affected by privatization. President Bush's privatization plan (now called "personal accounts") was characterized as a "gamble," by NGLTF executive director Matt Foreman. "Social Security privatization is a gamble with the lives of lesbian, gay, bisexual and transgender elders. It is a gamble our community simply cannot afford."