African-Americans would be among those with the most to gain from transforming Social Security into a system of individually owned, privately invested accounts, similar to IRAs or 401(k) plans.This is a great source for information regarding social sercurity reform and minorities. African Americans (minorities, in general), women, and low-wage workers are the top 3 groups that would benefit from massive social security reforms. Two of the 3 are PARTICULARLY beholden to the libs-demoCREEP party.
Finally, Social Security privatization must be looked at in light of the alternatives. Incremental reforms to prop up the existing system -- such as raising payroll taxes or cutting benefits -- could disproportionately harm African-Americans.
- Higher benefits: Through the power of compound interest, all workers would be able to accumulate substantial savings. Take, for example, a 28-year-old worker making $13,500 per year and paying $1,674 in Social Security tax. If she invested in a conservative savings program that earned just a 4 percent return, she would accrue $177,147 by age 67. That amounts to a monthly benefit of $1,243 -- $400 more per month than the benefits promised by Social Security.
- Private property: Workers would own their savings. If an individual died young, he could leave his accumulated savings to family members.
- Improved economy: The increase in savings caused by moving to a fully funded retirement system would stimulate the economy and lead to increased investment resources. That would be particularly important for those areas the most in need of capital.
Source: http://www.socialsecurity.org/africanamericans.html
It has to stop.
In my opinion, #2 is the real CRIMINAL aspect to the demoCREEPs agenda: the lack of perpetuity. Why? Not being able to pass on property prevents true economic liberation. It doesn't allow an African American man to pass along his hard-earned and notable savings to his family and/or children. So, the family and/or children not only lose a spouse/father, but the wife and/or children get none of the "earned" social security money. No money to improve their life circumstances. No money to go to school or enter a vocational program. No money to better the family in the long run.
Worse yet, without reform, his children continue to be part of a system that holds them down, just as it did their father. With a private savings account, that all changes. The lib demoCREEPs know that this would end their power base. African Americans would finally (and truly) be off of the governmental plantation.
Conservatives, not liberals, have been working for social security reform for years. All the while, they have been called every name in the book.
Perhaps the winds of change are upon us? I hope so.