I'm sorry, but this couldn't be further from the truth. AA is hardly based on the notion that "it serves to cause reduced expectations for minorities". That you or anyone else thinks that Blacks (or women, or other minorities, or persons with a physical disability, or Veterans - ALL protected classes under AA) are getting jobs because the government is threatening companies shows your lack of familiarity with Affirmative Action in the real world. AA is based on the notion of making sure that companies aren't NOT hiring/promoting members of these protected classes simply on the basis of their race. There is a HUGE difference between being singled out and rejected SOLELY because of your race and having a program that encourages companies to be aware of their own demographics and to make sure that they are making a 'good faith effort' to not exclude anyone based solely upon one category. Basically, without AA, white men would likely have continued to hire other white men (that's the premise behind the original legislation/action), thus AA was born.
I think people would greatly benefit from reading up on AA before jumping to conclusions.
Start here---
http://www.dol.gov/dol/topic/hiring/affirmativeact.htm
So, clearly there is still a problem with racism in the US. So if we get rid of AA, then what is the alternative? Should it be by simply getting rid of it and pretending that everything is fine.
I'm sure everyone would love to hear your suggestions.