Thursday, January 27, 2005

Bush says Social Security shortchanges black seniors

Read it here at Newsmax. (

"Race became a significant factor in the debate over Social Security on Tuesday when President Bush told black leaders that the government retirement program shortchanged blacks, whose relatively shorter life span meant they paid more in payroll taxes than they eventually received in benefits.
Caucus leaders contend that blacks rely disproportionately on disability and survivors' benefits paid by Social Security, and that Bush's changes would jeopardize the entire system - hurting black beneficiaries far more than the private accounts might help them. Furthermore, the White House's opponents argue, the vagaries of the stock market could leave private-account holders with fewer benefits than the current system guarantees.

White House spokesman Scott McClellan said Bush did not support altering the disability-benefits or survivors'-benefits pieces of Social Security - only the retirement benefits.

"This will enable (blacks) to build a nest egg of their own and be able to pass that nest egg on to their survivors," McClellan said.

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