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Don’t Buy the Hype. Protect Social Security.By AARP National President Marie Smith If you like undermining the hard-won progress of the African-American community, if you like pushing seniors and children onto life’s financial high wire without a safety net, then you’ll love privatizing Social Security. Sure, Social Security could use some changes, but privatization is not the answer. African Americans of all ages need Social Security, and don’t let anyone tell you otherwise. Social Security is America’s only guaranteed source of retirement income. And since we know full well that death and taxes are the only other guarantees in this world, let’s not be foolish enough to let this good one get away. As it stands today, Social Security will be able to pay every penny of promised benefits until the year 2042. To say that our community needs these benefits is an understatement. More than half of African Americans aged 65 or older count on Social Security for 90 percent or more of their income. That’s right: Social Security provides at least 90 cents of every dollar these seniors need to pay their bills. Why do so many African Americans rely on Social Security? Because for generations our people have tried to make it in a world of social and financial insecurity – a world of unequal education and work opportunities. Too many of us have spent too many years working in lower paying jobs. As a result, we haven’t been able to build up adequate private pensions and savings accounts. Social Security helps to offset some of this discriminatory deficit. It gives low-wage earners a larger percentage of their wages in retirement benefits than they could afford to save on their own. Thankfully, many African-American workers now enjoy greater career opportunities and higher incomes. But for decades to come, millions of retirees will still need Social Security to help make up for opportunities they missed in their prime working years. Of course, Social Security benefits don’t just go to retirees. They support millions of people with disabilities, as well as children and spouses who’ve lost a family member. In fact, one-third of Social Security’s benefits go to survivors and those with a disability. In these categories we African Americans are over-represented. Nearly 18 percent of Social Security disability beneficiaries and 23 percent of all children receiving survivors’ benefits are from the African-American community – far exceeding the 12 percent of African Americans in the overall U.S. population. I experienced firsthand what Social Security can do to prevent families from falling into poverty. My mother, a homemaker, relied to a great extent on Social Security to maintain a life of dignity and independence after my father’s death. But Social Security benefits are not just a safety net for our people; in many cases they are a springboard. African-American children are almost four times more likely to be lifted out of poverty by Social Security than white children, according to a study by the National Urban League Institute for Opportunity and Equality. Privatization proponents tell us to “take control of our money and build our own wealth.” Sounds good, but think about who those cheerleaders are and who’s really going to be taking control of your money (while entrusting your hard-earned retirement savings to Wall Street’s roller coaster). Empowerment and wealth creation are worthy goals. Personal retirement accounts are excellent ways to achieve those goals. But only if we fund them in addition to – not in place of – Social Security. After all, Social Security has always been about security, not risk. Its whole purpose is to provide a vital, stable safety net, not a speculative get-rich scheme. Getting rid of the safety net is not the answer. Moving any portion of Social Security to the private sector would put millions in our community in grave financial danger. We already have a good system. We can make it stronger. Let’s appreciate-and protect-all that Social Security does for us.