Maui AARP official against Social Security privatization

[The Sushi Bandit]

http://www.maui.net/~mauinews/lnews5b.htm

By BRUCE SMITH

The Associated Press

CHARLESTON, S.C. — Diverting Social Security taxes into private retirement accounts is a bad deal for recipients, particularly black recipients, the president-elect of AARP told a community forum on Wednesday.

‘‘We need to think of ourselves as a gatekeeper of a precious asset,’’ Marie Smith told about 100 people attending a forum at a predominantly black church. ‘‘No one should be allowed to chip away from our treasure.’’

Smith, a Kahakuloa resident and former head of the Maui Social Security office, said some advocates of the private accounts contend Social Security isn’t a good deal for blacks because blacks don’t live as long as whites.

But such calculations overstate how much black workers pay into the system and understate how much they receive in benefits. There is little difference between the life expectancy of black and white men at age 65, Smith said.

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