All current and near retirees would receive their guaranteed Social Security benefit, as would those receiving disability or survivor benefits. Senator John Sununu (R-NH) and Senator Chuck Hagel (R-NE) have each introduced legislation that meets or exceeds the President?s proposal.
Given that we have a President willing to finally address the disparities and discrimination inherent in Social Security, why are Democratic leaders so vehemently opposed to the President?s plan? Nearly all congressional Democrats are opposed to even discussing restructuring Social Security unless the personal retirement accounts option is taken off the negotiation table.
The answer is that congressional Democrats do not want all Americans to drink from the same retirement fountains. They insinuate that we are not smart enough to ride in the front of the retirement bus with them. Members of Congress and all federal workers have personal retirement accounts in what is called the Thrift Savings Plan. They contribute to one of five carefully managed accounts, and when they retire the money is theirs to keep.
The Sununu and Hagel bills both provide for accounts based on the Thrift Savings Plan. Yet, their Democratic colleagues want to deny us the same access to retirement security they enjoy and let the entire Social Security structure go bankrupt.
Perhaps most unconscionable is the opposition to personal retirement accounts by the NAACP, the Congressional Black Caucus, and many of our nation?s so-called black leaders. Personal retirement accounts would provide future generations of Blacks the retirement security their parents and grandparents never had.
Instead, black Democratic leaders are willing to see the next generation of Blacks remain in economic slavery on the Democratic plantation, so long as they can deny any Republican a perceived political victory.
At least with separate water fountains Blacks and Whites each had water to drink. If we start now, we can end the discrimination in Social Security by demanding that Congress enact an optional system of personal retirement accounts. If we do not act now, there will be only one retirement water fountain for our grandchildren. It will not be marked ?White? or ?Colored?. It will be marked ?Out of Order? for all of them.
Mr. Cain is chief executive of The New Voice, Inc. and New Voters Alliance, and host of the nationally syndicated radio talk show "The Bottom Line with Herman Cain." He is past chairman of the Federal Reserve Bank of Kansas City, and past chairman and chief executive of Godfather's Pizza, Inc.