Question

How does the Social Security system influence the economic status of blacks? How does it influence the economic status of Hispanics?

Answer 1

The social security system influences the economic status of blacks in following ways :

• A social security system of U.S. provides various social and economic benefits to the people living in U.S. for example: retirement benefits, disability insurance, medical aids etc.
• These benefits are not equally provided to all the people as the benefit rates are different for blacks and white people which affects the economic status of blacks.
•   The retirement benefit rate is low for blacks as compare to whites which leads to unequal distribution of income among people.
• The benefits provided to children are also different for blacks and whites and there are other benefits also which have different rate for blacks and whites. All these different rates lead to discriminations between people and affect their economic growth.

Influence of social security system on economic status of Hispanics:

• Hispanics are the largest minority group in U.S. and it is growing very fast with increase in its young population more. The Hispanics are low educated and poor people.
• The different types of social security system are beneficial for Hispanics as they work to uplift their living standard.
• The benefits of social security will help Hispanics by providing financial assistance and it will increase their economic status.