Social Security is a bad deal for blacks. Especially black men. But that didn't stop the NAACP from blasting President Bush's proposed Social Security reform.
See, blacks don't live as long as people of other races. According to the CDC, black men born in 2002 have a life expectancy of 68.8 years and black women 75.6 years. That being the case, why would the NAACP, an organization that purports to care about the "advancement of colored people" (that's part of their name, after all) want to force its membership to accept such a bad deal?
Think about it. A black, male child born in 2002 will not be able to begin collecting Social Security benefits until age 67. So, after having contributed to the Social Security pyramid scheme for more than 40 years (in most cases), the average black man born in 2002 can expect to collect Social Security benefits for a whopping 21 months! What's worse, he will not be able to leave any of his Social Security contributions to his heirs.
Why on Earth would the NAACP not support a plan that would allow citizens to invest the money, take advantage of the miracle of compound interest to provide a higher return than Social Security could ever hope to, and be able to leave whatever is left to their heirs?