August 19, 2022

Opt out of Social Security for Racial Equity

A recent Reuters headline read, “Yellen, Rice tout economics as key to fixing American inequality.”

According to Susan Rice, President Joe Biden’s new domestic policy adviser, “The evidence is clear, investing in equity is good for economic growth.”

Our new Treasury secretary, Janet Yellen, says, “I believe economic policy can be a potent tool to improve society. We can — and should — use it to address inequality, racism …”

I couldn’t agree more.

According to the Federal Reserve’s most recent Survey of Consumer Finances, the median wealth of white families is $188,200, compared with $24,100 for Black families.

To the extent that change in government policy can lift the median wealth of Black families, I am for it. The good news is there is such an opportunity.

I have been writing about it for many years. We should give working Americans the option to opt out of Social Security and use the taxes they are paying into it to invest in their own personally owned retirement account.

We’ll achieve more racial equity by allowing low-income Americans the opportunity to have more equity in — ownership of — America.

A big reason for the huge wealth gap between white and Black families is the huge gap in ownership of equities — stock — between white and Black families.

According to the Pew Research Center, 61% of white families have either direct or indirect ownership in stocks. Only 31% of Black families do.

Per the Federal Reserve, among white Americans ages 35 to 54, 65% have at least one retirement account. Among Blacks in this age range, only 44% do.

It is true that median Black household income is also lower than median white household income, meaning Blacks on average have less to save and invest. Which is why giving the option to opt out of Social Security is so vitally important.

Every working American pays 12.4% of their income to Social Security, half taken out of their paycheck and half paid by their employer.

This is a tax, not an investment. The government then uses this tax revenue to recycle and make payments to those currently retired, who themselves paid taxes during their working life.

The Committee to Unleash Prosperity, working with the nonpartisan Tax Foundation, recently calculated what working families at different income levels would have earned at retirement if they could have invested their payroll tax rather than paying into Social Security.

For instance, a low-income couple who started working in 1971 and retired in 2015, where one earner earned 45% of the national median income and the other 25%, would have gotten an annual Social Security benefit of $21,035. If that same couple could have invested 10% of their paychecks in a stock fund over the same period, using actual historic data for this 45-year period, they would have had $738,360 at retirement that could produce $40,610 annual income for them — almost double what they would get from Social Security.

They would also have the benefits of ownership. They could bequeath what remains to their heirs.

Per the Federal Reserve, 29.9% of white Americans say they have benefited from inheritance or some other family gift. Only 10.1% of Black Americans say they have received an inheritance or family gift.

If Black Americans do not feel part of and invested in the nation, as they should, one reason is that they are disenfranchised by the same government that claims it wants to help.

So, Secretary Yellen, policy adviser Rice, how about getting on board with me? How about showing Black Americans, and all Americans, that you really want to level the playing field?

The Social Security Trustees report that by 2034, the system will have insufficient funds to meet obligations.

Ownership, rather than more government, is the answer.

Now we just need courageous leadership.

Star Parker is president of the Center for Urban Renewal and Education and host of the new weekly news talk show “Cure America with Star Parker.” To find out more about Star Parker and read features by other Creators Syndicate writers and cartoonists, visit the Creators Syndicate website at


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john voelker (@guest_1128926)
1 year ago

we worked hard for our money uck dems

wledhw (@guest_1129741)
Reply to  john voelker
1 year ago

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The Redhawk (@guest_1128933)
1 year ago


alicia cervera (@guest_1128974)
Reply to  The Redhawk
1 year ago

AMEN AMEN Rice is clueless.

Don (@guest_1128984)
Reply to  The Redhawk
1 year ago

Democrats have done all the harm to ss——-it would not be so exspensive if democrats left it alone

Becky (@guest_1129436)
Reply to  Don
1 year ago

Canada save ss for each employee but gives it all to them when they retire or quits their job at any age. I like that.

Norman (@guest_1128998)
Reply to  The Redhawk
1 year ago

You are correct! You go to work and not be on welfare to be able to invest!! Same goes for inheritance! Your parents have to had to worked to earn money for you to inherit! When on welfare you don.t get extra money to save, it is for your basic food, shelter and now free health care that we as the actual workers have to pay for! WORK WORK WORK is the key word! has nothing to do with race! Welfare -no WORK-yes!

Helga Renfro (@guest_1128958)
1 year ago

The democrats are the biggest danger our country has ever faced. The biggest crook sits in the white house. He is a security risk and completely controlled by the globalists of our country and also every enemy of our country, Biden needs to thrown kn prison along with many of his family. Including Jill because I am sure she was aware of the criminal behavior.

alicia cervera (@guest_1128978)
Reply to  Helga Renfro
1 year ago

I couldnt have said it better Helga. With you all the way.!

Shirley Duckworth (@guest_1128966)
1 year ago

What about the seniors who no longer are working. I live mosstly on my Social Security from myh deceased
husband. Are they saying they want ato get rid of Social Security like they want to rid America with anyone who
voting for Trump That a bunch of BS.

paul f murphy (@guest_1134718)
Reply to  Shirley Duckworth
1 year ago

Shirley ,I worry about losing my social security too, keep the faith, Biden and his globalist friends just may DESTROY this country in the next 4 years ,PRAY and everybody who is capable of working ,I say “GET A JOB”

Willie T (@guest_1135005)
Reply to  Shirley Duckworth
1 year ago

Apparently, from what I’ve been hearing, the left wing extremists would like to take SS, stimulus funds, etc. away from American citizens and use it to support their sacred illegals, or undocumented democrat voters. However, I believe that is an idea that the courts will put a stop to.

Eugene Ross (@guest_1128971)
1 year ago

there would be plenty money in SS if the government would have kept their hands out of it nothing but legalized theft and it’s not really legal

Don (@guest_1128975)
1 year ago

Blacks will never get equality until the democrats stop supporting the teachers unions and get school choice for black kids—-education for blacks in large cities is in bad shape—-black leaders do not care about black children—-just pleasing democrate leaders and filling their own pockets—-Maxine waters is good example——where is all the black ball players they have not done squat for black kids—-they complain that’s all—-why not make these black ball players mayor of Baltimore, Chicago, Detroit etc and see what they can do!!!!!

Calvin King (@guest_1129053)
1 year ago

The current buzz words are–social justice. Would a “woke” person please define those terms. I would ask what are people of color denied of because of the color of their skin. I would love to be a member of Augusta National, but denied because of other reasons, not color. Conde Rice is a member and I believe she is black.
Another shibboleth is that the police are systematically eliminating black men, all unarmed. Another myth. More blacks are killed by other blacks in Chicago over a weekend that are killed by police (most of the blacks killed are criminals) than by police in a year.
Won’t go into black abortion. C. West, Kim K’s husband, describes that crime much better than I ever could.
Social Justice is an undefined and unsupportable myth. But, it is playing well with the liberal left who believe in myths.

Marsha Smith (@guest_1129058)
1 year ago

What did you do with my “comment”.?
Please post it. You have it somewhere —- POST IT !!!!

Marsha Smith (@guest_1129062)
1 year ago

What did you do with my “comment”.?
Please post it. You have it somewhere —- POST IT !!!!

Marsha Smith (@guest_1129065)
1 year ago

What did you do with my FIRST comment. Retrieve it from wherever you put it and then POST IT !!!!!!!

Vivian May Cruickshank (@guest_1129092)
1 year ago

I get $500.00 per month for S.S. for 38 YEARS work. We pay all these illegals ect. who didn’t pay anything in
plus medical , housing, food stamps ect. If people knew how to budget correctly but I see what they buy on
food stamps. They eat much better than we do.

Deborah (@guest_1129425)
1 year ago

What about the people that are retired and living on Social Security. There won’t be anything to pay those people if no one is paying in. I’ve payed in all my life and I expect to be payed back my money like promised.

Debby (@guest_1129516)
1 year ago

Well All theses Obamba Criminals illegally trying to Cram Communist ways on USA!! The Democrats Plat form is “Death to America” True in Aug.19 2019 Democrats Sure Iran to use this Slogan. Look at what they are doing. Illegal Impeachment is there cover..HR127 takes all guns.No Free Speech,No Church, just “Death To America” Bill Gates want to Depopulate US ,His Buddy Falsey, WHO, United Nations Global Coup. We want our duly elected President Trump back now🇺🇸🇺🇸🇺🇸

Melaniya (@guest_1129520)
1 year ago

I know that our money that go to oay ss for some people,. With their idea we wont have enogh to pay ss to new generation. What about if all working people started ss acount as soon they get a job and they can sign that company will sent some percent , and each one can decide how much to this acc. Lime 401k. And rest get on hands. So tbis way we stop goverment use and control our money. We can save more thos way. And we won’t have to depend on goverment.

Edward Reiber (@guest_1134817)
1 year ago

Ms. Rice
You are forgetting that Social Security is OUR MONEY that some career politicians think is theirs to do with what they want. Let me tell you that you are WRONG !!!!! I started paying into Social Security when I was 16 years old and I’m 70 now. I’m still working and paying into it but I don’t get any more in my monthly check. KEEP YOUR HANDS OFF OF IT! I think all career politicians should have to use Medicare and Social Security. Things would change real quick.

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