The Hidden Cost of Being African American, by Thomas M. Shapiro

A book published recently by Oxford University Press, which is located in the UK (that's Britain).

The Hidden Cost of Being African American: How Wealth Perpetuates Inequality, by Thomas M. Shapiro.

I don't think anyone can claim this author is biased because he's Black (that is, in favor of Black Americans, and with a respectful and sympathetic view of the material & moral dilemmas we carry as a distinct & still-marginalised ethnic population inside & central to the world's richest, most "powerful" country)- since he's not. From OUP website: "Thomas Shapiro blends personal stories, interviews, empirical data, and analysis to illuminate how family assets produce dramatic consequences in the everyday lives of ordinary citizens. This book will re-shape public understanding of racial inequality and will help us understand why new policies are necessary.

"Over the past three decades, racial prejudice in America has declined significantly and many African-American families have seen a steady rise in employment and annual income. Alongside these encouraging signs, Shapiro argues that fundamental levels of racial inequality persist, particularly in the area of asset accumulation. This book demonstrates how families use private wealth to leverage advantages in communities and schooling for themselves and their children. ..."

Comments

[Curtis Johnson]

Hillary Clinton was on Wal-Mart's board of directors

WARD HARKAVY, VILLAGE VOICE, 2000 - Twice in three days last week, Hillary
Rodham Clinton basked in the adulation of cheering union members. Her
record
of supporting collective bargaining, however, is considerably worse than
wobbly. Pity the thousands of unionists at last Tuesday's state Democratic
convention who chanted her name, and the hundreds of retired Teamsters at
Thursday's luncheon in midtown who had interrupted their Founder's Day meal

to hear the corporate litigator turned union-loving Democrat deliver a
campaign speech.

They would have dropped their forks if they had heard that Hillary served
for six years on the board of the dreaded Wal-Mart, a union-busting
behemoth. If they had learned the details of her friendship with Wal-Mart,
they might have lost their lunches. . . In 1986, when Hillary was first
lady
of Arkansas, she was put on the board of Wal-Mart. Officials at the time
said she wasn't filling a vacancy. In May 1992, as Hubby's presidential
campaign heated up, she resigned from the board of Wal-Mart. Company
officials said at the time that they weren't going to fill her vacancy.

So what the hell was she doing on the Wal-Mart board? According to press
accounts at the time, she was a show horse at the company's annual meetings

when founder Sam Walton bused in cheering throngs to celebrate his
non-union
empire, which is headquartered in Arkansas, one of the country's poorest
states. According to published reports, she was placed in charge of the
company's "green" program to protect the environment. But nobody got
greener
than Sam Walton and his family. For several years in the '80s, he was
judged
the richest man in America by Forbes magazine. . .

Was Hillary the voice of conscience on the board for American and foreign
workers? Contemporary accounts make no mention of that. They do describe
her
as a "corporate litigator" in those days, and they mention, speaking of
environmental matters, that she also served on the board of Lafarge, a
company that, according to a press account, once burned hazardous fuels to
run its cement plants. . .

The Clintons depended on Wal-Mart's largesse not only for Hillary's regular

payments as a board member but for travel expenses on Wal-Mart planes and
for heavy campaign contributions to Bill's campaigns there and nationally.
.
.

Meanwhile, Wal-Mart's first lady, who also benefited from Wal-Mart stock,
solicits support from union workers. Which makes her words to the elderly
Teamsters last week especially poignant: "You can count on me to stand up
for the right to collectively bargain!" Right on, sister!

[Les]

Very interesting blog. Join us at:

http://leslester.blogspot.com/ for some soulful discussions.

[Environment Man]

[An anonymous entity - "Environment Man" - from the Pro-George Bush "AAEA" wrote: "Can Hollywood Influence the Black Environment." Obviously that's a statement made to look almost like a question. They continue & point to their weblog: "If you want to find out, check out our blog:..." ] Check out their blog if you like. Thanks.

[I just heard some sad news on BET -- all of the civil rights that niggers have gotten in the past 14]

I just heard some sad news on BET -- all of the civil rights that niggers have gotten in the past 140 years have been found dead in their Washington, DC home. There aren't very many details, but George W. Bush was seen dancing around with a pen, having signed the Cotton Pickin' Niggers Act of 2005, going on and on about how niggers were back in their rightful place. Truly an American icon.

P.S. The Government Printing Office will be supplying all Aryans with a copy of the NIGGER OWNER'S MANUAL within the next 2 weeks.

[kstreetfriend]

Off Topic (I Think...)

Mayflower Compact Coalition (Wangstas Fo' Shizzle My Nizzle)!

RNC Chairman Ken Mehlman today attended the unveiling of the 21st Century Mayflower Compact at the Mayflower Hotel in Washington D.C.. The nine-point agenda includes support for school choice and private social security accounts. The Coalition is advised in part by former House Speaker Newt Gingrich’s consulting firm.

African Americans often reach different and surprising conclusions on social issues that the casual (Caucasian) observer just won’t understand. For example, Black folks still want to see Michael Jackson find happiness. His high-pitched voice and soulful delivery is the soundtrack of generations and has a permanent place in the Black community’s psyche, no matter the plastic surgery, skin bleaching and alleged child molestation charges. Possibly, it’s the “he’s still Black” phenomenon that African Americans well understand. They want Michael Jackson’s name cleared. In short, they want him to make good music and just leave the damn kids alone.

Likewise, Blacks see Old Age Survivors and Disability Insurance Program, popularly known as Social Security, as an entitlement forced into place during a period when “bigots” wanted to run things. And against the odds, a well respected Franklin Roosevelt was able to established needed protection for the public from the economic fears of old age, sickness, accident, and unemployment. As its original name suggest, African Americans believe the insurance program was created to do much more than provide an old age benefit.

Wangstas (whites and uh oh oreos) are extremely white people who attempt to be “gangsta” (cool with Black people) in order to “pimp out.” They dress, speak and act for all practical purposes as a African Americans aside from the fact that they are not. Normally they are hated by the fam for being fake.

The White House and its oreos who support overhauling Social Security have launched a highly targeted campaign to convince Black people that President Bush’s plan to create private investment accounts will have special benefits for them. The ghetto fab element about the GOP message to African Americans: “The shorter life expectancy of Black males means Social Security in its current form is not a favorable deal.”

Proponents of privatizing social security who claim no group has as much at stake in the debate over reform as African Americans, in fact, are right. Black families of workers who become disabled or die are much more likely than their Caucasian counterparts to be dependent on the grip available from disability and/or survivor benefits. Blacks make up 12 percent of the U.S. population, but 23 percent of African American children receive survivor benefits, and 18 percent of the community are disability beneficiaries.

Although the wangstas are making a special effort to appeal to the strizzeet with the 21st Century Mayflower Compact, the “lower life expectancies” illusion appears to reached every one except the African American senior. Their attempt to focus on a very narrow element of the system (current program based on longevity is unfair) is misplaced and doesn’t gain cool points. What the oreos fail to realize is their attempt to be “down” for da brothas... is just “gosh-darn” obnoxious (using their vernacular) and another clue identifying the new face of segregation.

“A’ight?”

Social Security is an insurance program that protects workers and their families against the income loss that occurs when a worker retires, becomes disabled, or dies. All workers will eventually either grow too old to compete in the labor market, become disabled, or die. President Roosevelt created the program to insure all workers and their families against these universal risks, while spreading the costs and benefits of that insurance protection among the entire workforce.

It is a “pay as you go” program, which means the Federal Insurance Contribution Act (FICA) payroll tax paid by today’s workers are not set aside to pay their own benefits down the road, but rather go to pay the benefits of current recipients. The tax is progressive. The low-wage workers receive a greater percentage of pre-retirement earnings from the program than higher-wage workers. And, in the 1980's, Congress passed reforms to raise extra tax revenues above and beyond the current need and set up a trust fund to hold a reserve.

As was the case when the program was established, higher-wage workers still oppose the social nature of the program. They argue low rates of return as a reason to switch from the current “pay-as-you-go” system to one in which individual workers claim their own contribution and decide where and how to invest it. In short, rather than sharing the risk across the entire workforce to ensure that all workers and their families are protected from old age, disability, and death, higher-wage workers want to enable opportunity to reap gains from private investment without having to help protect lower-wage workers from their disproportionate risks.

Allowing high-wage workers (who are more likely to live long enough to retire) opportunity to opt out of the general risk pool and devote all their money to retirement without having to cover the risk of those who may become disabled or die, is da fo’ shizzle identifying the republican party’s desire to return to a segregated society.

Roosevelt’s benefit formula currently in place intentionally helps low income earners. Lifetime earnings directly factor into the formula. And, thirty-five percent of Black workers born between 1931 and 1940 had lifetime earnings that fell into the bottom fifth of earnings received by workers born in these years. African Americans’ median earnings (working-age in jobs covered by Social Security in 2002) were about $21,200, compared to $28,400 for all working-age people.

HNIC, president Bush, does acknowledge the difficulty Blacks will have in accumulating enough savings in their individual accounts to provide for a secure retirement once the progressivity of the current system is eliminated. However, he has only suggested allowing lower-income workers to place higher portions of their income into the uncertainties of investment accounts (creating even more risk).

Yes! Private accounts would be passed on to children or other heirs. But, what the HNIC and his oreos doesn’t explain is lower-income workers would be forced to buy an annuity large enough (when combined with their traditional Social Security benefit) to ensure that they would at least have a poverty level income for retirement.

Yo’ playa... da new private Social Security account fizzle sucks!

[Ben G.]

Are you familiar with the Racial Welath Divide Project at United for a Fair Economy? They're working precisely on this issue.