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African Americans and Social Security: Why the Privatization Advocates are Wrong
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William E. Spriggs,
Dollars and Sense: The Magazine of Economic Justice,
12/1/2004
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The proponents of privatization argue that the heavy reliance of African-American seniors on Social Security requires higher rates of return—returns that are only possible by putting money into the stock market. Yet given the lack of access to private pensions for African-American seniors and their low savings from lifetimes of low earnings, such a notion is perverse. It would have African Americans gamble with their only leg of retirement’s supposed three-legged stool—pension, savings, and Social Security. And, given the much higher risk that African Americans face of both death before retirement and of disability, it would be a risky gamble indeed to lower those benefits while jeopardizing their only retirement leg.
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Link to Article
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Price: Free
Ordering Information:
Dollars and Sense: The Magazine of Economic Justice
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