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Over the next three decades, the United States is projected to become a “majority-minority” nation, with people of color outnumbering whites for the first time. In turn, Social Security must be modernized to meet the needs of an increasingly diverse and economically insecure workforce, according to a report released Thursday.
The report, Plan for a New Future: The Impact of Social Security Reform on People of Color, was released by the Commission to Modernize Social Security, made up of national policy experts representing African-American, Asian-American, Latino and Native American communities.
The experts say that changes to the program must consider the impact on workers and families of color who are more vulnerable to economic instability and far less likely to have generational wealth than white families.
“It’s crucial that policymakers consider how people of color use Social Security and how it can be modernized to meet the needs of our increasingly diverse society,” said Commission member Maya Rockeymoore, president and CEO of Global Policy Solutions. “People of color are more economically vulnerable and depend on Social Security benefits to meet basic needs when they or family members face death, disability or old age.”