Wednesday, July 6

Hispanic Workers Should Back Personal Accounts

I have blogged about Hispanics and Social Security already, but in case my opinions do not have enough credibility (I'm not an economist after all), here is a good article on the subject.
Earlier this week, the Center on Budget and Policy Priorities (CBPP) released several short reports on Social Security’s importance in the retirement plans of Hispanics. These reports, “Hispanics Large Stake in the Social Security Debate” and “Hispanics And Social Security: The Implications Of Reform Proposals,” essentially argue that Hispanic Americans’ lower average incomes, higher life expectancies, and lower average savings (including pensions) make them rely more on Social Security.[1] The studies’ authors go on to argue that reforming Social Security in the way that President Bush has proposed would put Hispanics’ retirements at great risk.
I agree with the author that Hispanics are more family oriented, develop and maintain stronger ties, and would be the one group that would benefit the most from Personal Accounts for Social Security reform. People are being forced into long-term poverty, and are having their hope and hard work for the future stolen by our own government. Stick to the facts.