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Myths dispelled! Learn Why Personal Accounts Really Do Benefit African Americans
April 26th 02:15:27 PM
The Center for Budget and Policy Priorities (CBPP) recently released a report, "African Americans and Social Security: The Implications of Reform Proposals," that claims personal accounts would "have an adverse effect on the African American community."
But Donald Luskin, Chief Investment Officer for Trend Macrolytics LLC, an investment consulting firm, demonstrates the report is misleading and fraught with contradictions.
It's actually the current system that is unfair to minorities. As Luskin notes, "...if an African American and a white worker have the same lifetime wage history and contributions, the African American worker can expect less of a net return on his or her investment in the retirement portion of Social Security, due to differences in life expectancy."
Not only would African Americans benefit from a higher return with personal accounts, but the fact that accounts would be inheritable uniquely benefits African Americans. Luskin points out that " [t]he Social Security Administration's MINT model analyses have consistently shown that survivors are the biggest gainers from reforms that include personal accounts. That's because they have an opportunity to inherit accounts from their spouses. Inheritances would be of even greater relative benefit to child survivors, who could inherit personal account balances in addition to their traditional Social Security benefits. These inheritances would provide nest eggs that would disproportionately benefit African Americans."
Get the rest of the details and learn more about the CBPP's contradictions by reading the full article here .
Posted by Nicola Moore
Comments
Has anyone thought about the fact that if we take a percentage of SSI
and put it in a private account , the new entry workers would be starting
to save a little money and might give them an incentive to keep on building a better pension plan for the future. It takes quite a while
to earn enough money for a a regular company pension plan .
Posted by Peter Rienstra on April 26th 11:08:06 PM
The only real people that do well on SSI are the ones that workin the administration offices . The people like me who recieve monthly
benefits barely get by . When I was growing up, we did not have other
pensions .
Posted by Peter Rienstra on April 26th 11:23:49 PM
Neither Socialist Insecurity nor SS Equity Funds benefit anyone.
Social Security: End it, Don't Mend it.
SS Equity Funds EQUAL Big Government Corruption!
S4 Sucks and Gives Change!
Posted by Noid on April 27th 02:41:24 AM
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