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September 13th, 2005Rock The Vote/ AARP Poll Shows Broad Support for Personal Accounts
September 13th 04:50:37 PM
What a great poll by AARP/RTV!
8a. Some people propose allowing workers to invest some of their Social Security payroll taxes in the stock market
through individual retirement accounts. For the average worker, this portion could be up to $1,300 per year that they
could invest. In general, do you favor or oppose this approach? Is that strongly or somewhat?
| Total | 18-39 | 40-59 | 60+ | Females | Hispanics | Afr. Am.
|
| Strongly favor | 29 | 36 | 33 | 15 | 25 | 30 | 25
|
| Somewhat favor | 24 | 32 | 21 | 19 | 26 | 28 | 23
|
| Somewhat oppose | 14 | 12 | 14 | 19 | 17 | 13 | 16
|
| Strongly oppose | 28 | 16 | 29 | 41 | 27 | 22 | 28
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| Don't know | 5 | 4 | 4 | 6 | 5 | 7 | 7
|
Posted by Chris Schrimpf| Comments (5)
They Said It...
September 13th 02:31:40 PM
Senator Kent Conrad from North Dakota, "I was at the Social Security summit at the White House along with 40 of my colleagues, Republicans and Democrats and there was virtual unaninimity of opinion that we simply have to get a higher rate of return from the Social Security investments." - 1/20/99
Posted by Chris Schrimpf| Comments (3)
In the News
September 13th 02:11:35 PM
S4's Jo Jensen was profiled in a story by Mt. Holyoke! Students across the country are passionate about Social Security reform. Personal Accounts!
Posted by Chris Schrimpf| Comments (0)
September 12th, 2005When politicians at home...
September 12th 09:30:41 PM
Sometimes when politicians at home play nothing but politics, we have no choice but to look abroad for leadership in reform.
Posted by Chris Schrimpf| Comments (1)
They Said It...
September 12th 11:22:13 AM
In 1995 Senators Bob Kerrey and Alan Simpson published an Op-Ed in the New York Times entitled "How to Save Social Security". In the piece the two introduced legislation that would have transformed what is currently a consumption-based system into a system that encourages
savings and investment.
They wrote: "Our bill would allow workers to divert nearly
One-Third of the employee's share of the Social Security Payroll Tax into a private I.R.A. -type account or an investment fund modeled after The Thrift Savings Plan offered to government employees."
Posted by Chris Schrimpf| Comments (9)
Look Who Got Published!
September 12th 10:41:46 AM
Chris Liakos (Georgia Perimeter College) deserves some serious
praise: he just started his chapter a little over a week ago but has
been recruiting members, putting up signs, and even setting up
chapters at other colleges in his area. And now he just got published!
Check out Chris' impressive response to Senator Clinton's comments on Hurricane Katrina and personal accounts.
Posted by Chris Schrimpf| Comments (0)
September 10th, 2005some blackademics on social security
September 10th 06:45:01 PM
african americans have the most to gain from having a personal account: equality, upward mobility, dignity, and ownership...
in the present system, how much you receive is contingent on how long you live. because the life expectancies of blacks are shorter than other groups, we typically don't live long enough for a fair return, and quite often we die without collecting any benefits at all. in addition, black men, on average, enter the workforce sooner than other groups, so the unintended consequence is that black men pay more into the system but get very little in return - if anything. the shocking truth is that, in result, there is a transfer of wealth from our community to whites. essentially, black men are paying for the retirement of white women, who have the longest lifespan. instead, with a personal account, our grandfathers could leave their lifetime of contributions to loved ones.
true retirement security is achieved not through wages, but by accumulating a nest egg of wealth by saving. regrettably, there is a substantial lack of saving within the african american community. comparatively, black america takes home lower incomes, lives paycheck to paycheck, and, unfortunately, have too little leftover after paying bills and taxes for any real savings. only with a personal account would our social security taxes be set aside for actual savings, which will build up into our very own nest egg. this is important because it is amassing wealth - not money for everyday purchases, but money to provide for future opportunities like education and property - that will help low-income blacks finally escape from the cycle of poverty, raising our entire standard of living. and, only personal accounts allow our ss contributions to be handed down, creating and strengthening a family legacy of wealth, health stature, and empowerment.
while, for the long-run, it is imperative to address and resolve the many issues that contribute to the discrepancies in lifespan and economics for african americans - we must act now to give blacks the same access to tools of wealth-creation that historically have been available only to affluent white america.
Chris Rock
"You don't get the money till you're 65; meanwhile, the average black man dies at 54. We should be able to get Social Security at 29! Hypertension, high blood pressure, NYPD - something'll get you!"
Congressman Harold Ford (D-Tenn)
"I believe we can improve upon the existing system, which prevents poverty but does not allow low- and middle-income workers to build assets and create wealth. A monthly check can meet basic needs, but it is not a foundation for a comfortable retirement. It provides a measure of security for retirees, but it cannot be passed on to provide financial security for their children and grandchildren. The key to retirement security and upward social mobility is wealth creation.
That is why I have been exploring ideas on reforming and strengthening Social Security with Rep. Jim DeMint (R-S.C.). Rep. DeMint has a proposal that would allow workers to begin building wealth by investing part of their Social Security taxes in individual retirement accounts. The accounts would be administered within the Social Security Administration. His plan is progressive, allowing low-income workers to invest a larger portion of their taxes. It would allow assets to be passed on from generation to generation."
Larry Elder
The Social Security "trust fund" doesn't consist of any real assets. The government "borrows" fund money for other federal spending, replacing it with IOUs. The remainder of the "trust fund" is merely accounting entries attributing interest to the IOUs.
Coalition on Urban Renewal and Education
Black America's Political Action Committee
Project 21
Posted by Ursula Williams| Comments (1)
September 08th, 2005Look Who Got Published
September 08th 08:32:24 PM
Ryan Lynch joined Liz Egan in getting published in Chicagoland. Ryan had his letter to the editor published with the Chicago Tribune!
Posted by Chris Schrimpf| Comments (0)
Scrooge "AARP" McDuck
September 08th 05:24:49 PM
AARP is a big-business corporation that makes millions of dollars selling private investment retirement funds to their members. That is how they make their money. Because voluntary personal accounts would provide Americans universal access to the same tools for wealth creation that profits AARP, their uber-capitalist executives are up to some heinous Scrooge McDuck, robber baron tactics.
AARP uses misinformation and propaganda on our grandparents to thwart support for personal accounts, knowing full well that no one over 55 will be affected by any reform. And, in their self-interest for monopoly, the AARP has the audacity to sabotage an entire generation's opportunity for better benefits, to accumulate a nest egg, and the right to protect our hard earned money from
being spent by congress.
So, while the scrooges at AARP are doing the backstroke in their big
money bin, they're double-crossing their own members- our grandparents - and betraying us. AARP's hypocrisy is transparent, absolutely laughable, and they ought to be ashamed of themselves.
Posted by Chris Schrimpf| Comments (3)
Harry Reid's Constituents Favor Reform
September 08th 02:25:44 PM
According to this poll reported by the Las Vegas Sun residents of the minority leader's state favor reform. So while Reid is leading his party he is abandoning his constituents.
Posted by Chris Schrimpf| Comments (4)
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