The Babe Theory Of Political Movements.
Mar. 21, 2005 11:50 AM
Iran's Sham Election In Houston.
June 20, 2005 5:36 AM
Yes, Kanye, Bush Does Care.
Oct. 31, 2005 12:41 AM
Health Care vs. Wealth Care.
Nov. 23, 2005 3:28 PM
Americans Voting With Their Feet.
Nov. 30, 2005 1:33 PM
Idea Majorities Matter.
May 12, 2006 6:15 PM
Twilight Zone Economics.
Oct. 17, 2006 12:30 AM
The "Shrinking" Middle Class.
Dec. 13, 2006 1:01 PM
From Ashes, GOP Opportunities.
Dec. 18, 2006 6:37 PM
Battle Between Entitlements & Pork.
Dec. 21, 2006 12:31 PM
Let Economic Freedom Reign.
Dec. 22, 2006 10:22 PM
Biggest Health Care Moment In Decades.
July 25, 2007 4:32 PM
Unions Antithetical to Liberty.
May 28, 2008 11:12 PM
Right To Work States Rock.
June 9, 2008 12:25 PM
Social Security Reform Thursday.
March 13, 2008
Caption Contest: Enter Today!
Due: July 29, 2008
The Carnival Of Classiness.
Mar. 14, 2006
Quotational Therapy: Obama.
Apr. 4, 2008
Mainstream Melee: Wolfowitz.
May 19, 2007
Pundit Roundtable: Leaks.
July 9, 2006
A WILLisms.com(ic), by Ken McCracken
July 14, 2006
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Social Security Reform Thursday: Week Twenty-Five -- Latinos and Social Security.
Thursdays are good days for reform, because they fall between Wednesdays and Fridays.
That's why WILLisms.com offers a chart or graph, every Thursday, pertinent to Social Security reform.
This week's topic:
Latinos and Social Security.
As Ian Vásquez explains, Social Security reform would disproportionately benefit Latinos:
The current system has failed Hispanics and has failed to reduce poverty in old age among Hispanics. It has made them extremely dependant on Social Security for their pension benefits, putting them in a very precarious situation.
Let's take a look at some facts.
I. Latinos have a longer life expectancy than African-Americans or Anglos.
II. Latinos are less likely to save for their own retirement than other ethnic groups.
III. Elderly Latinos are less likely to receive Social Security benefits than other ethnic groups.
IV. Elderly Latinos are more likely to depend on Social Security just to "get by" than other ethnic groups.
National Council of La Raza (NCLR):
*Among Latinos who receive Social Security benefits, 75% of their income comes from Social Security.
That being said, because fewer Latinos are eligible for Social Security benefits (even though many of them have paid into the system their entire working lives), aggregate dependence on the program is not that much greater than other ethnic groups.
Now, take all this information and put it into the context of the looming Social Security crisis. The consequences of the crisis: major slashing of benefits and/or a major tax hikes. If there is no reform, Latinos, who already rely on Social Security for so much of their retirement existence, would be hardest hit by benefit reductions. Meanwhile, personal accounts have the opportunity to empower the Latino community, giving workers a chance to earn, accumulate (through compound interest), and pass on real assets.
Some left-wing groups, such as the Center on Budget and Policy Priorities (CBPP), argue that Latinos are better off without reform and without personal accounts. Their assertions are hardly worth addressing in any great detail, as their findings are part and parcel of the same reactionary 1930s dogma that has taken over much of the Social Security debate. Liberal groups love to repeat the line that Social Security is an insurance program that has successfully kept millions of elderly Americans out of poverty. That may be true to some extent, but there are still far too many people living in poverty in spite of (and maybe even because of) the Social Security program.
The current Social Security system is a failure for Latinos. It has not kept Latinos out of poverty. It does not encourage savings. And the rate of return for continues to diminish for the average Latino:
Social Security, currently, is a bad deal for Latinos. The relatively high payroll tax rate prevents lower- and middle-income Latinos, in particular, from developing a family nest egg. U.S. Treasurer Anna Escobedo Cabral explains:
My father worked hard all his life and paid into the Social Security system. He filed the paperwork to begin receiving benefits, but he died before receiving a single check. We came from a modest upbringing. My father could never really get ahead enough to save money. Social Security was all he would have had to support himself in retirement. He would have given anything to be able to pass those funds on to his children. Instead, the government kept that money.
Meanwhile, the Latino population is young and is expected to grow rapidly over the next few decades.
As the youngest, fastest growing population group in America, Hispanics would directly benefit from the option to save a portion of their payroll taxes in a conservative mix of bond and stock funds. Unlike paying into the Social Security system, personal accounts ensure that your Social Security taxes are saved to pay your Social Security benefits, not spent on other government programs.
Clearly, Latinos have a great deal at stake here. If and when the Latino community becomes fully invested in the President's Ownership Society, it is hard to imagine this GOP-trending group not becoming an entrenched part of the Republican political base over the long-term.
Stopping the raid on the Social Security trust fund surplus which exists over the next dozen years, creating personal accounts for every worker, is a step in the right direction. Let's do it.
Previous Reform Thursday graphics can be seen here:
-Week One (Costs Exceed Revenues).
Tune into WILLisms.com each Thursday for more important graphical data supporting Social Security reform.
Posted by Will Franklin · 21 July 2005 01:28 PM
Great post. I urge everyone to take a look at Social Security today, and look how it will appear in our future. Not good.
Posted by: Jose at July 21, 2005 02:05 PM
Will: what the hell?
Posted by: Steven D. Rivas at July 22, 2005 04:42 PM
People need to be informed. The people out there who are opposed to reform don't have the facts! It is so important to future Americans that reform happens ASAP! The Nodometer needs to be on a billboard allowing the American People to see the truth!... The Democrats and Republicans should keep policy out of politics! (so to speak) This is the future retirement for young adults that WE CAN change together IF... Partisan politics are set aside!...
Posted by: Zsa Zsa at July 23, 2005 09:19 AM