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some 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
While ending social security would benefit blacks the most, personal equity accounts being proposed would hurt us all by expanding government power.
Posted by Noid on September 12th 02:44:31 PM
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