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The Cost of Getting Old by James Clingman

March 30, 2014

 

Blackonomics


The Cost of Getting Old  

By James Clingman 

 

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(TriceEdneyWire.com) - We are at a critical stage in the economy when “more than one-third of workers (36 percent) have a measly $1,000 saved for their later years,” according to a study by the Employee Benefit Research Institute.  

 

“Compare that to the 28% of workers who said they had $1,000 saved in last year's survey, and the picture gets a little more grim,” the article continued.  The report refers to all workers; that 36 percent likely skyrockets when applied to Black people.  You know what happens when America gets a cold—we get pneumonia.


With baby boomers at the head of the mortality line, all we can do now is reflect on the financial “what ifs” in our lives and try to figure out how to live with a $1,000.00 or less in the bank. The millennial generation had better pay close attention to their finances and start saving as early as possible to keep from making the same money mistakes their parents and grandparents made. 


First and foremost, be very careful with those student loans.  Leaving school with a debt of tens of thousands of dollars, even before you get a job, is a prescription for financial disaster.  I know the money is great to have, especially what some of you call your “monthly check,” which is in excess of what your tuition requires.  But you will have to pay it back no matter what, with interest of course.  Imagine trying to find and keep a job, a car, a place to live, and food to eat, while having to pay a monthly note of $400-$600 for a student loan for the next twenty or thirty years! 

 

When you get old you may also end up in the group with less than $1000.00 saved for retirement. Keep in mind that a college education, while it is very important and necessary in this economy, is not worth what it used to be.  Thus, it would be prudent to forego that high-priced school you want to attend and consider a smaller community college, a tech school, or an HBCU.  Unless you get a scholarship that covers most or all of your costs, a smaller less expensive school is the way to go.


I know most young people refuse to acknowledge it, but if you keep living you will get old.  Question is: “What will getting old cost you?”  In today’s economy getting old is very expensive.  And who knows what will happen to Social Security and Medicare?  The way things are going now, young people will be pretty much on their own when they get old, so it’s best to get a Roth IRA started now, or at least some kind of saving plan that will multiply and be there at retirement.  (A few dollars saved each month now will multiply into hundreds of thousands or even a million dollars by the time you reach retirement age.) 

 

Don’t put all your eggs in one basket by simply depending on your employer’s contribution to your 401-K and insurance plan.  Unless you “own” the job you have, it can be taken away from you at any time, along with your retirement plan and your insurance policy.  


Understand, young people, that if a young athlete or entertainer can go broke after making unwise decisions with his or her millions of dollars, your $80,000 per year will evaporate at a much faster pace, especially if you try to live like they live.  Be smart, learn from the mistakes of others, and understand that you do not have to end up like the current 36 percent in this country.


The other caveat for young people as they prepare for their retirement is the dreaded conspicuous consumption syndrome.  In an article I wrote some years ago, titled, “Supply and Demand,” I noted that Black folks demand and others supply us with their goods and services.  Anything someone makes we will buy it, no matter how much it costs.  Just look at Nick Young of the L. A. Lakers who recently had his home burglarized of a pair of $6,000.00 shoes called “Nike Air Yeezy 2.”   That reminded me of basketball star, Antoine Walker, getting robbed of a $55,000.00 watch. 

A great article on this subject is featured on The Root website, written by Demetria L. Lucas, titled, “Fronting: We Need to Stop Living the ‘Fabulous and Broke’ Lifestyle.  It’s time to put the ‘fake it till you make it’ philosophy out to pasture. She wrote, “My wake-up call came…when my friend called me in a panic, not knowing what to do. He was around $30,000 in credit card debt and had student loans. That friend ended up moving back in with his parents for a year-plus so he could save money to pay off his credit cards. (More than 10 years later, he’s still paying off student loans.)”

The cost of getting old is high—be prepared.

Attention Please By Julianne Malveaux

March 30, 2014
Attention Please
By Julianne Malveaux
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(TriceEdneyWire.com) - If you missed the news about the disappearance of Malaysian Flight 370 over the Indian Ocean you must have been buried in sand.  For two weeks we have been bombarded with theories – was it terrorism?  Pilot error? Something else?  Now the story has evolved.  Were pieces of the plane found?  Is everyone dead?  How do the families of the presumed dead feel?  (This is a really stupid question.  How does the clueless reporter asking such a question think the people feel)?

CNN may well have been called Missing Plane Network, as an evening of watching covered the same angle with a different host and guests.  Some of the focus was certainly understandable, but other networks managed to find news of things going on that did not involve Flight 370.  Still, the prevalent and relentless emphasis on the missing plane was, to me, excessive.

Couldn’t some of the airtime granted Flight 370 have been used for equally critical matter?  There were 239 people on that plane, and there were more than 300 killed in 2013.  I’m not suggesting an equivalency in the two types of tragedies, but I am suggesting that the media might focus more on gun violence; its sources and possible solutions to end senseless violence.  Of course, that might anger the National Rifle Association whose specious slogan -- guns don’t kill, people do – ignores the harm done by the proliferation of guns in our nation.

President Obama has challenged our nation’s educators to increase the percentage of young people attending and graduating from college, so that we might better compete with other industrialized countries.   People applaud at these sentiments, but these educational goals get little media attention.  Yet such coverage would raise an important issue and, perhaps, push us toward solutions.

I do not begrudge the extensive coverage of Flight 370.  The disappearance of a plane is both a mystery and a tragedy.  But the excessive coverage of Flight 370 reminds us of the power of the media.  If something is repeated enough, and repeatedly enough, it wiggles its way into our consciousness.  Thus the pilots have been tried and convicted by media speculation, without anyone actually knowing what happened.

What if such repetition were used to highlight some of our nation’s most serious social and economic challenges.  What if we could get a couple of networks, just for a week, focus on reading proficiency, or the environment, or poverty and inequality?  Perhaps we can’t focus on these issues because we can’t agree on their causes, not when the likes of Rand Paul are running around excoriating the poor and the unemployed every chance he gets.  Or with, despite this long and frigid winter, the global warming deniers won’t give any ground.

The media is used to rivet attention toward an issue or challenge.  Unfortunately, it has rarely been used for good, although it could be.  What if viewers demanded that there is some focus on essential issues?  What if there were a media campaign to encourage children to read more, and encourage parents and teachers to encourage this reading.  Such a campaign might include paid advertising, but much of it might be driven by news stories.

May I have your attention please?  Might I have your attention about poverty and unemployment?  May I have your attention about the status of our young people?  What about the literacy issue?  The paucity of open space in some cities? May I have your attention about the importance of getting out the vote?  I want your attention about the effectiveness of standardized tests.  I need your attention on the automobile manufacturers who sell defective cars and take a whole three years to recall them.
In the wake of the Flight 370 tragedy we will learn, undoubtedly, about those who lost their lives because of the tragedy.   Only rarely, however, will we learn about the most recent victim of gun violence.  May I have your attention?  Please.

Dog Whistling Along By Dr. E. Faye Williams, Esq.

March 30, 2014
Dog Whistling Along
By Dr. E. Faye Williams, Esq.

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(TriceEdneyWire.com) I remember my first exposure to a dog whistle.  It was an interesting little tool that was often used maliciously by the young boys in my neighborhood.  On an otherwise tranquil afternoon when, as the old folks said, "Nothing was stirring", it wasn’t unusual for the boys to choose that time to blow their dog whistles.  Unlike whistles you hear at athletic events, the only sound you heard from these dog whistles was a rush of air.  Instantly, all of the dogs in the area would begin loud, raucous barking that was rarely tamed quickly.

The reason for the barking was the high-pitch sound emitted by the whistle that was inaudible to humans, but it greatly annoyed the dogs.  While we took the whistle for granted, the dogs heard it very clearly.

Whether having seen the real dog whistle or not, most now understand the term to refer to a political pronouncement spoken with the impact of a double-entendre -- having two meanings; one heard through the filter of one's intellect and the other heard through the filter of one's bias.

Recently the dog whistle of racism was blown again, but many either missed or ignored it.  Republican Congressman Paul Ryan said in an interview with Bill Bennett, "We have got this tailspin of culture in our inner cities, in particular, of men not working and just generations of men not even thinking about working or learning the value and the culture of work."

Immediately challenged for the racist nature of this comment by his congressional colleague, Congresswoman Barbara Lee, Ryan protested that he may have spoken inarticulately.  While it’s impossible to evaluate anyone's heartfelt intent, the impact of a statement leaves little to question.  I do question Ryan's explanation of speaking inarticulately since, later in the week, a surrogate spokesperson, George Will, justified the comment with his own spin on the cultural malaise in the Black community.

I have no need to engage in a lengthy diatribe about the message heard in Ryan's statement.  Anyone sensitive to its stereotypical implications or desiring to endorse his words understands that Ryan has leveled a broad and sweeping condemnation of the African American male, specifically, and the African American community generally.  Intellectualize as he may, Ryan threw blood into the water inciting the sharks of racism.

I could attempt to refute Ryan's statement with a discussion of the educational disparities, proximity to employers, the disparate impact of law enforcement and the resulting job disqualification, but those and a multitude of other elements have been discussed ad nauseum.

I would argue that while condemning the inner cities, in particular, Ryan has incorrectly drawn the boundaries of the chronically unemployed.  This problem impacts EVERY community that is suffering from the neglect of those who make public policy and believe the poor to be expendable.  To paint this as a problem of the inner city alone is as disingenuous as Ryan justifying his comment as inarticulate.

Again, his argument seems to support and reinforce his Ayn Rand-based justification of denying assistance to those he has determined to be undeserving.  In what may be his ultimate insult, his dog whistle of racist condemnation, whether by intent or result, is purposed to exploit the fear, insecurities and, yes, the racist beliefs of those who disregard the value of life other than their own and those they liken to it.

If Paul Ryan truly wants to gain insight into the culture of the African American community, I enthusiastically refer him to dialogue with Dr. Khalil Gibran Muhammad, Director of the Schomburg Center for Research in Black Culture.  I encourage my readers to enhance their own understanding of OUR community by accessing Dr. Muhammad's interview with Bill Moyers at:

http://billmoyers.com/episode/full-show-confronting-the-contradictions-of-america%e2%80%99s-past/

(Dr. E. Faye Williams is National Chair of the National Congress of Black Women,
www.nationalcongressbw.org. 202/678-6788)

Unequal Education: Is Anyone Listening? By Rev. Jesse L. Jackson, Sr.

March 30, 2014

Unequal Education: Is Anyone Listening?
By Rev. Jesse L. Jackson, Sr.  

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(TriceEdneyWire.com) - The Department of Education just released its annual study on civil rights in our education system. The report, Attorney General Eric Holder summarized, “shows that racial disparities in school discipline policies are not only well-documented among older students but actually begin during preschool.”

Pre-school? Yes, from preschool on, boys of color are disproportionately afflicted by suspensions and zero-tolerance policies in school. They are more likely to be disciplined, more likely to be suspended, and more likely to be held back a grade. Suspended students are less likely to graduate on time and more likely to be suspended a second time. They are more likely to drop out, and to end up in trouble. The report shows that preschool is not a reality for much of the country, particularly in poorer districts.

Where it does exist, students of color — Blacks and Latinos — are more likely to be suspended. This has been documented repeatedly in older grades, but now we learn it starts even in preschool. And that’s not all. The report documents a continuing and shameful catalog of racial disparity: Black and Latino students are more likely to have teachers with less experience and lower pay. African Americans, Latinos and students with disabilities are less likely to have access to the full range of science and math courses. Why? Schools with large minority populations often don’t offer the most upper-range curricula in those areas. They’re also less likely to have a full-time counselor.

Zero tolerance. Inexperienced and poorly paid teachers. Less support. Less access to advanced courses. The odds are stacked against these kids from preschool on. And that isn’t all. Children of color are more likely to grow up in poverty, less likely to have adequate health care, less likely to have good nutrition, less likely to live in safe neighborhoods and more likely to be homeless. African Americans still have less access to credit and were often targeted for dicey mortgages in the housing bubble, and they suffer higher rates of unemployment and mortgage foreclosures. None of this is a surprise. None of it is in doubt. The report isn’t a revelation; it is a validation of a “whereas” that is already known.

What has been lacking isn’t evidence of disparity, it is evidence of action. The “whereas” is supposed to lead to a “therefore,” but we’ve seen precious little of that. Is anyone listening? We are condemning another generation to poverty, despair, broken homes and broken families. We are writing off children — starting in preschool — without giving them a fair shot. We have a continuing racial crisis in this country — or rather, a crisis of class and race. Schools of poor children are shortchanged. And children, particularly boys of color, face even greater odds against them. We need remedy for these racial disparities and resources for these class disparities. Parents need to challenge aggressively discriminatory discipline practices.

Communities need to join together to demand an end to the savage inequality in schools. We need more resources targeted to the schools with the most need. A sensible public program would ensure the poor children have the same opportunity that affluent ones have. They would get the most experienced and skilled teachers, not the least of them. Their schools would get more resources to have smaller classes, particularly in the early grades, and modern facilities that include counselors and host after-school programs, parental engagement and education.

We’d take aggressive steps to ensure that children have secure housing, good nutrition and high quality health care. And we’d crack down on the discriminatory and destructive discipline policies that are discarding our children rather than taking them in and lifting them up. This is a moral disgrace. It is also a national folly. Children of color are together the future majority, not the minority. Our country’s future will depend on educating them well, and ensuring that each can reach his or her full potential. When we discard them in large numbers, we are discarding our own future.

Yes, America has come a long way on issues of race, but we still have structural disparities that have not been erased, and in some ways, have grown worse. We don’t need more reports. We don’t need “model” programs. We need a call to action and a serious commitment to redress this injustice. 

Rev. Jesse Jackson Sr. is President/CEO of the Rainbow/PUSH Coalition.

Black Leaders Critique Obama’s ‘Brother’s Keeper”, Relationship with Black Community by Jacqueline F. Taylor

March 24, 2014

Black Leaders Critique Obama’s ‘Brother’s Keeper”, Relationship with Black Community
By Jacqueline F. Taylor

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National Urban League President/CEO, Mark Morial, also a presidential advisor for "My Brother's Keeper", spoke as a sponsor at the 'Stateswomen' event. PHOTO: Mark Mahoney/Trice Edney News Wire

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Barbara Arnwine and Julianne Malveaux were among five panelists headlining the "Statewomen for Justice" panel discussion, moderated by Omarosa Manigault. PHOTO: Mark Mahoney/Trice Edney News Wire

(TriceEdneyWire.com) - A Women's History Month/Black Press forum to respond to President Obama’s “My Brother’s Keeper” initiative ended up being a critique of his administration over all.

“I’ve had the feeling that he’s been running from us. There was pressure to act like he was not the Black president,” said award-winning journalist and author Dr. Barbara Reynolds. “I understand that you had to put us at the end. But establish something that will last in every governmental department.”

The annual commemoration of Women’s History Month, sponsored by Trice Edney Communications & News Wire, is called “Stateswomen for Justice”. It drew an audience of 200 to the Ballroom of the National Press Club March 20.  This year’s forum entitled, “How to Move from Chaos to Community: Our Response to My Brother’s Keeper,” also drew responses to President Obama’s style of leadership.

Referencing the 1970's song by Roberta Flack and Donny Hathaway, “Be Real Black for Me,” Dr. Julianne Malveaux, syndicated columnist and president Emeritus of Bennett College for Women, stated: “If I had an opportunity to talk to President Obama, I would engage him in a slow dance and say be real Black for me.”

Malveaux continued, “Because the fact is that he ain’t been real Black just yet. He’s been great and late with 'My Brother’s Keeper' and he has been missing in action with Parent PLUS [an education loan program] which has caused us in HBCU land to lose over 16,000 students.” Parent PLUS recently tightened lending practices for parents with financial shortcomings.

The forum, featuring five women panelists, all renowned for their leadership, was moderated by reality star Omarosa Manigault, also an educator, activist and former White House appointee. It was also a celebration of the 187th anniversary of the Black Press by focusing on those issues written about daily in Black newspapers.

“My Brother’s Keeper” is a White House initiative that addresses current risk factors affecting the success of boys and men of color in society. According to data released by the White House, 86 percent of African-American boys and 82 percent Hispanic boys are reading below grade level by the fourth grade. Half of White fourth graders read below grade level.

President Obama held several meetings and conversations with heads of major Black organizations as he prepared to roll out the new initiative, which was announced early this month. On the “Stateswomen” panel, those leaders also gave sober advice.

Panelist Melanie Campbell, President/CEO of the National Coalition on Black Civic Participation and Convener of the Black Women’s Roundtable, who met with Obama only days before he announced the initiatives, wants the legislation to be in place beyond President Obama’s term. She also hopes that his administration will look to the local community.

“The initiative needs to be connected to the community, despite who is in office,” stated Campbell.  “The community needs to get the resources to run the programs,” she said.

Barbara Arnwine, president and executive director of the Lawyers’ Committee for Civil Rights Under Law, first met with the President’s staff in 2009 with her concerns. She said there is a need to have targeted jobs programs that reach African-American youth. She emphasized that education needs to be addressed, especially among African-Americans without high school diplomas and GEDs.

Arnwine is fighting for additional dialogue on the local and state level regarding the reduction in incarceration rates among African-Americans. “We need a nationwide movement among African-Americans to stop…arresting people for things that we can give them citations for,” said Arnwine.

Panelists also highlighted the many contributions of Black women, who alongside their male counterparts, fought for freedom and equality.

Dr. E. Faye Williams, with the National Chair of the National Congress of Black Women, attended the White House initiative announcement. She does not want the role of women to be eliminated from the “My Brother’s Keeper” dialogue.

“Now just because there is a program called ‘My Brother’s Keeper’ does not mean that we sisters will not have to be our brother’s and sister’s keepers, but it sure is good to have some help…this year,” stated Williams.

National Urban League President Marc Morial, as a co-sponsor of the event, praised “My Brother’s Keeper” as a step forward for African-American youth.

“I congratulate the president for taking this issue on in such a public and forceful fashion,” said Morial, who is a financial advisor for the initiative. He encouraged individuals who are connected with organizations and communities that have initiatives that focus on boys and men of color to share their findings with the White House.

Dr. Reynolds added: “We are not only our brother’s keepers, we are our mother’s keepers, we are our daddy’s keeper, and children’s keepers. We will have to work together in unity to be keepers of our people.”

Malveaux concluded: “History belongs to she who holds the pen, so we have to continue to write our stories and tell our stories. In Women’s History Month, we have to remember that African-American women have been sidelined and we have to tell our story. And in regard to the President’s initiative we have to make sure that while we lift up our brothers, women are also lifted up.”

 

 

 

 

 

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