Empty Promise

Empty Promise: The Benefit to African American Men of Private Accounts Under President Bush's Social Security Plan "President Bush has aggressively promoted his Social Security plan among African Americans, with the promise that it will allow them to pass on their private accounts to their heirs. He has argued that this will be preferable to Social Security, because African Americans, and especially African American men, have shorter life-spans than whites, and therefore do not collect Social Security benefits for as many years. However, because President Bush's plan mandates that workers annuitize enough of their accounts to generate an income that is at least large enough to put them above the poverty level, most African American men will not accumulate enough money to pass anything down to their heirs. In this respect, for the typical African American man, President Bush's proposed system will be exactly the same as the current Social Security system; it will not leave them with anything to pass onto their heirs." Source: Center for Economic and Policy Research [via DocuTicker] Link to Report

Subjects : Social Security -- Privatization