On August 14th Americans celebrated the 70th anniversary of the signing of the Social Security Act by President Franklin D. Roosevelt. Since its’ creation, it has lifted and kept millions of Americans out of poverty.
But social security has especially played an exceptional role in the economic lives of African-Americans.
Social security is the primary source of retirement income for most elderly African- Americans and the ONLY source of income for forty percent. If it weren’t for social security the poverty rate for older African-Americans would nearly double from twenty two percent to fifty seven percent.
Social security is also a social insurance program that protects workers and their families against income loss that occurs when a worker becomes disabled or dies.
Survivor and disability insurance benefits African-Americans. Twenty three percent all children receiving survivor benefits were African-Americans and seventeen percent received disability benefits.
Earlier this year the president claimed that under the current system, blacks don’t live long enough to collect their fair share of benefits. It’s a known fact that blacks’ low life expectancy is largely due to high death rates in childhood and young adulthood, before they have a chance to either collect or contribute to the system. Black males that do reach age 65 can expect to live and collect benefits for an estimated 14.6 years – only two years less than white males.
Privatizing social security will result in lower benefits for everyone across the board, regardless of race or color.
Go to the Pick A Fight Section of the IAM website and click on social security. You can speak out on this issue by leaving an audio message on the site, get up to date information, write your representative and find out how much you could loose if social security is privatized.
Congress will be back in session on September 6th, so don’t wait, act now.
