Social Security, Personal Accounts, And African Americans

One area that Republicans can can work harder at is marketing personal social security accounts to African Americans.

Why? Well, simply stated African Americans are getting screwed under the current system. Sadly, the current form of social security hurts African Americans but Democrats seem not to care. That is a moral and a political failure.

From an article:
It is revealing that Democrats continuously block Social Security reform, even though the current system is unfair to blacks who lose, on average, $10,000 in the system because blacks have a shorter life expectancy than whites by five years.

A study by the RAND Corporation showed that if black Americans were allowed to voluntarily put part of their money into personal savings accounts, they would benefit enormously. Personal savings accounts would make it possible for black Americans to generate wealth that could be passed on to their heirs, something that is not allowed under the current system.

And those who now receive benefits under the current system would not lose benefits. Those nearing retirement could structure their personal savings accounts to reduce risks from market fluctuations, just as is being done by the 3.1 million federal government employees under the Thrift Savings Plan that was started in 1983 as a substitute for Social Security.

Under the Thrift Savings Plan, federal employees receive $4,500 per month compared to the $1,300 per month for Social Security recipients.