I always knew that Social Security was a rip-off. But it appears to be discriminating in who it rips off as well.
A study done by the Heritage Foundation points out that because life expectancies and incomes differ for varying segments of society, so does the amount each group can expect to receive from social Security. And what group has proven to be the biggest victim of the Social Security Scam… African Americans.
But the most tragic examples of Social Security’s reverse-Robin Hood effect occur in congressional districts heavily populated by African-American workers. Here we see negative rates of return so high that one wonders how a hard-working young man in an inner-city neighborhood in Baltimore, New Orleans, Atlanta or New York City can ever move up the socio-economic ladder.
The most senior Democrat on the House Ways and Means Committee, the vociferous Charles Rangel (Harlem), and his thoughtful colleague, William Jefferson (New Orleans) , will have to defend this arrangement in spite of near-confiscatory rates of return of negative 4.5% for young male workers in their districts.
I’m no EF Hutton, but listen up! Even I know that’s a bad investment.
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