 |
| A Weekly Dose of Reality on Social Security Reform May 24th |
Poll Shows Two-Thirds of African-Americans Believe Social Security Is in Trouble
Even polls sponsored by groups opposed to Social Security reform show that key demographic groups understand the problem. According to a survey released by Americans United to Protect Social Security, an organization comprised of groups such as MoveOn.org and the AFL-CIO, 65% of African-Americans believe that Social Security is in a state of crisis or has major problems.*
African-Americans are right to be concerned about Social Security.
- The latest report by the Social Security Trustees shows that the program will start paying out more than it collects in taxes in 2017 and will run out of money by 2041.
- The percentage of elderly African-Americans who rely completely on Social Security grew from 31 percent in 1990 to 38 percent in 2000, according to the Social Security Administration.
- African-Americans receive nearly $21,000 less on a lifetime basis from Social Security's retirement program than whites with similar income and marital status, according to the 2001 Commission to Strengthen Social Security.
The problem is clear.
We need Social Security reform that protects benefits of retirees and those about to retire, ensures the solvency of Social Security, gives younger workers the option of personal retirement accounts, and does not raise taxes on employers or employees. Voluntary personal retirement accounts would allow young African-Americans the ability to build a nest egg for retirement that they could pass on to their loved ones after their death.
*Americans United to Protect Social Security; African-Americans on Social Security, April 21-26, 2005.