Impact of Proposed Social Security Cut on Blacks and Hispanics, Take 2

Monique Morrissey, Economist at the Economic Policy Institute, published a follow up to her colleague Algernon Austin’s blog on the impact of proposed cut in the Social Security cost-of-living-adjustment (COLA).

“Not only does Social Security represent a greater share of black and Hispanic income, but black and Hispanic beneficiaries tend to be younger than white beneficiaries, with a greater likelihood of receiving disability and survivor benefits (see previously cited tables and this Social Security Administration fact sheet). Disabled beneficiaries and others receiving benefits over long periods face the steepest cuts from the proposed COLA cut. Among retirees, the worst hit will be women across racial and ethnic groups as well as Hispanics, due to longer life expectancies.” Continue reading

A Social Security Cut Could Lead to Higher Latino and Black Elder Poverty

Algernon Austin, Director of the Race, Ethnicity, and the Economy Program at the Economic Policy Institute, recently published a blog on the impact of potential Social Security cuts.
“As my colleagues have shown, the “chained” cost-of-living adjustment for Social Security being discussed between President Obama and House Speaker John Boehner is a cut to benefits. The AARP Public Policy Institute’s report, Social Security: A Key Retirement Income Source for Older Minorities, helps us to think about how this cut might affect different racial groups.”