In a recent report released by Global Policy Solutions, the rates of reliance of minorities on Social Security were examined, and revealed it is, in large part, due to disparities and wealth and income.
With the U.S. population expected to be “majority minority” by 2042, the number of ethnic minorities relying on Social Security will cause a change in the sustainability of the government aid program.
The report, Plan for a New Future: The Impact of Social Security Reform on People of Color, points out that “the vast majority of children of color are born into lower-income, low-wealth households, “ caused by a discriminatory labor market practices and social policies. Add to that the fact that “socioeconomic circumstances of families of color have been shaped by increased economic insecurity and stagnating wages for working class” and you have a large number of minorities already relying on a program that is currently on a path to destruction. And when they retire, they will likely be looking to Social Security for support just like millions of other Americans who have paid into the program their entire lives.
This research points out just how necessary it is to overhaul the Social Security program, as the number of minorities in the U.S. will continue to grow to the point where “minority” is no longer an accurate description for people of color.