:: Social Security: A Bad Investment For Younger Americans
This was the week that America's first 'baby-boomer' filed for social security benefits. Cathleen Casey-Kirschling, a retired teacher from Cecil County, Md., was born in Philadelphia at one second past midnight on Jan. 1, 1946. She is considered to be the first of over 80 million 'baby boomers' who will retire in the next 22 years.
So what does that mean for the state of our already suffering Social Security System? The forecast does not look good, especially for those of us younger Americans who have been paying into this failing system for all of our working lives. For most of us, that began at the young age of sixteen years of age. By 2017, the government will be paying out more in Social Security benefits than what they are taking in. 2017 folks, a mere ten years from now.
At that point, the federal government must start paying back the money that was borrowed from Social Security in the amount of $200 billion per year with that amount increasing to $300 billion per year. The problem, you ask. In order to repay that amount all other federal programs will suffer including the most important of these our military providing our national security.
One solution to the problem of repayment…Increasing taxes. At least that is the solution that our government has come up with. Something just doesn't seem right with their thinking.
Let's sum it up for young America. We have been forced to invest our hard-earned money in a government program that has no hope for survival, due to the increase in population of retirees. According to an USA Today report, the imbalance between workers and beneficiaries didn't happen overnight. In 1945, a decade after Social Security was created, there were 42 workers paying into the system for each retiree. Today, there are three. By 2030, Brian Riedl of the conservative Heritage Foundation says, "Every couple will have their own retiree to support." Our government has known of this problem for years and yet has done nothing to remedy the situation. Increasing taxes? Today, we already work until May each year just to pay our taxes. Just how many months does the government expect us to work before we actually get to keep some of our hard-earned money to pay our own bills?
So get ready young America, not only will we have to work longer and wait longer for benefits. But to get these benefits we will pay increased taxes over the next twenty to thirty years for the hope of having Social Security, albeit, with reduced benefits, when the government says we can have it. Let's not forget, however, that all those in Washington, supposedly there to represent the people of America, have their own retirement plan completely different than the Social Security plan us little, less fortunate people get. I guess that is what happens without term limits in Washington; those making the laws will continue to only look out for themselves.
Along with increased taxes, the younger generations must also face the strain of higher costs of living and the increase of violence against our country. Those in Washington choose to look away and pass these issues onto their children and grandchildren. They should all hold their heads so high knowing that their life long careers have only produced trouble for this country's younger generation. Their lack of integrity and service to America has been nothing but a joke. It's sad to say but basically, our American government has become a very bad investment. If this was a chosen investment, any accountant worth his/her weight would tell you to dump this loser.
