_________ 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 . Be known ns one of 'America's Finest.' Become an FBI Special Agent. 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Mason St. Portland, Oregon 97211 (503) 546-9292 Developed and managed by Covenant Retirement Communities 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