Blacks May Be The Biggest Winner in Social Security Reform
There is no more divisive an issue in American politics right now than privatization of Social Security. While even most Democrats acknowledge something must be done to save the system, debate rages over who will win and who will lose if the president's plan makes its way through Congress.
It is fitting that the president's biggest push for personal accounts has come during the month of February, Black History Month. For blacks, the switch to personal accounts would be a historical victory and a step toward equality.
In the current system, those who live the longest ultimately get the greatest return. Statistically, black Americans and the working poor live the shortest lives. They die long before they can withdraw from Social Security the lifelong investments they've made.
While Republicans like the ideology of giving individual Americans more control over their own futures, and thus support the president's plan, Democrats should recognize the reality that some of their biggest constituencies will be the biggest winners. Social Security reform is an opportunity for politics to be put aside and real civil rights progress to be made.
Chief Operating Officer, The Heartland Institute, Chicago, Illinois