_________ W B lack H istory M onth
9,2005
Opinion articles do not
necessarily reflect or represent the
views o f The Portland Observer
O pinion
Gambling on Social Security Benefits
Proposal would
push more seniors
into squalor
D ennis H aynes
by
Social Security is the only source of
income for I in 3 African Americans
over the age of 65. Without the guar
anteed Social Security benefits they
receive today, the poverty rate among
older African Americans would more
than double, pushing these seniors into
squalor and poverty during their most
vulnerable years.”
As such, the National Association
for the Advancement of Colored
People (NAACP) opposes gambling
Social Security benefits on the volatile
stock market that has in recent years,
left too many seniors with nothing but
a government program to sustain them.
There is a concern that privatization
would result in all Social Security ben
eficiaries paying more for the admin
istration o f the program, and thus re
ceiving less.
President B ush’s assertion that
Social Security is a bad deal for
A frican A m ericans because our life
expectancy is shorter than w hites
is m isleading because it assum es
that blacks will forever die sooner
than w hites. R ather than privatize
Social Security the adm inistration
should take steps to im prove health
care as a m eans to decrease the
black m ortality rate.
It is also noteworthy that the life
expectancy rate for blacks improves
if they survive the pathologies that
impact on young African Americans,
particularly black males. The New
York Times reported that African
American men who live to 65 gener
ally collect benefits for 14.6 years, just
short of the rate of 16.6 years for
white men.
While the NAACP strongly en
courages all Americans at every age
and of every racial and ethnic back
ground to invest in the American
economy and to save for the future,
privatization of one’s Social Security
benefits would make many seniors
even more dependent on the state of
the national economy.
Furthermore, Social Security ben
efits for disabled workers and surviv
ing family members are also impera
tive to the survival o f a high number of
African Americans. African Ameri
cans between the ages of 50 and 59
are nearly two times as likely as other
workers in that age group to become
disabled. Additionally, African Ameri
can children are almost four times
more likely to be lifted out of poverty
by Social Security benefits than their
white counterparts.
We must take care to see that the
impact of any changes in the Social
Security system does not fall dispro
portionately on lower income groups,
or on those Americans whose work-
life has been physically demanding.
Any changes should not make the
financing of Social Security any less
progressive.
In addition to ensuring the continu
ity of guaranteed benefits at their cur
rent levels, the NAACP will also fo
cus on the need to address issues that
have not changed for decades, such
as the burial amount given to survi
vors. Currently, Social Security pro
vides families with $255 to cover burial
fees; an amount that has not changed
since 1955. At 2005 rates, that is
barely enough to cover the flower
arrangements.
Dennis Haynes serves as NAACP
interim president and chief execu
tive officer.
MHHMM
Social Security is Not in Crisis
Privatization wrong approach with major implications
by S en .
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H arry R eid
During the month o f February,
Black History Month, all Ameri
cans celebrate the achievements of
African Americans. As we observe
these achievements, we must also
engage in a serious discussion that
will certainly impact the lives of
African Americans; the debate over
the privatization o f Social Secu
rity.
Social Security is one of our
nation’s most successful initia
tives. The program provides criti
cal benefits for millions of Ameri
cans, and it is particularly impor
tant for African Americans.
Social Security ’ s benefits are not
handouts - they are earned through
hard work and contributions into
the system throughout one’s life.
Nor are Social Security’s benefits
lavish. The average retiree benefit
isonly$955permonth. Yet without
Social Security,
nearly 50 percent
of all Americans
65 and older who
receive Social Se
curity would live
in poverty.
Moreover, So
cial Security pro
v id e s A frican
American seniors
with 44 percent of
their total income
and it is the only
source of income
for one in three African Americans
65 and older. For these Americans,
Social Security’s guaranteed ben
efit is the only thing standing be
tween them and a life of poverty
and destitution.
Contrary to many claims, Social
Security is not in crisis, and will
remain solvent for many decades to
come. However, the system does
face long term challenges. Esti
mates from the Congressional Bud
get Office indicate that in 50 years
Social Security may be able to pay
only about 80 percent o f promised
benefits if Congress takes no ac
tion. We should act to address
these long term challenges. How
ever, we must avoid so-called solu
tions that only make the problem
worse.
I am especially concerned by
President Bush’s proposal to move
toward the privatization o f Social
Security. The President wants to
cut the program ’s funding by di
verting payroll taxes away from the
program ’s Trust Fund and into
privatized accounts. This cut in
funding would require very deep
cuts in benefits. Under the leading
plan being discussed, which the
President has called “a good blue
print,” benefits would be cut by
one-third or more. These cuts
would apply to all seniors, disabled
workers and the survivors of work
ers— widows and children. Not to
mention, they would still apply to
those who choose not to risk their
money in privatized accounts.
The White House also appar
ently is p lanning to fund its
privatization plan by borrowing
more than $2 trillion, much of which
would come from countries like
Chinaand Japan. This not only will
increase our nation’s dependence
on foreign creditors, but it will cre-
progressive approach ultimately
reducing benefits to African Ameri
cans.
Beyond its retiree benefits, So
cial Security provides critical assis
tance to the disabled, and protects
American families from the loss of
a parent or spouse, or from the loss
of income from the disability of that
parent or spouse. In fact, African
American families receive a greater
proportion of disability and survi
vor benefits.
In my view, all American fami
lies, including African American
families, should have the opportu
nity to save and grow wealth. That
is why we need to strengthen and
modernize our current system of
retirement security, and to encour
age more Americans to save for the
future. However, it is important
that we do this without weakening
Social Security and undermining
Under the leading plan
being discussed, which the
President has called 'a
good blueprint,' benefits
would be cut by one-third
or more.
-S enator Harry Reid
ate much larger budget deficits.
That, in turn, will create strong pres
sure for cuts in important programs
like Medicare and Medicaid, among
others.
The President has tried to argue
that his privatization plan would
help African Americans. In truth,
privatization would be very harm
ful to the African American com
munity, as many independent analy
ses have shown.
First, African Americans on av
erage earn less, and suffer from
unemployment more, than other
groups; especially in younger years
when African American employ
ment gaps compared to whites are
at their highest. Social Security’s
progressive benefit formula ac
counts for this disparity to deter
m ine and p ro v id e b e n e fits.
Privatization does not address in
come and unemployment dispari
ties and would move away from this
the program ’s basic guarantee for
those who have been paying into
the system in good faith.
We can and should work to
gether on a bipartisan basis to
strengthen and improve Social Se
curity, and Democrats stand ready
to work with the President toward
that end. At the same time, we will
not support a privatization plan that
reduces the p rogram 's funding
while making deep cuts in guaran
teed benefits and adding massive
amounts o f debt.
While we celebrate Black His
tory Month, I ask all Americans,
especially African Americans to
carefully examine the President’s
privatization plan. I believe it’s the
wrong approach for all Americans
and has major implications for Af
rican Americans in particular.
Harry Reid is the Democratic
Leader in the U.S. Senate and rep
resents the state o f Nevada.
Letters to the Editor
Breaking the Promise
In President B ush's State of the Union
address, he makes it clear that he wants to
break the prom ise of the Social Security Trust
Fund. President Bush did not once mention
‘trust fund.’
For 22 years, the governm ent has vowed to
keep the prom ise Alan G reenspan and Ronald
Reagan made to the Am erican people, that if
we paid more into the Social Security system
than was needed, the surplus and its interest
would be used to pay benefits when baby
boom ers retire. President Bush and the Re
publicans do not think that prom ise needs to
be kept.
Privatization or piratization? Rem em ber,
it’s your money.
Steve DeShazer
Northeast Portland
I