The Demise of Social Security - Social security is running out of money and there aren't any real solutions to fix it. If we don't do something soon, it will be gone forever. |
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You are here: DIME Home > Finance > The Demise of Social Security
Social security is running out of money and there aren't any real solutions to fix it. If we don't do something soon, it will be gone forever.
Author: S Porter
Date: May 30, 2009 - 6:03:13 AM
Social security in the
There are opposing views to the need for social security that are as old as the program is. One side of the debate claims that the needs of the elderly cannot be ignored, but the other side sees the program as a move toward socialism. Capitalists claim that social security is a program provided by a government that doesn’t believe its people can take care of themselves. That the government takes a portion a person’s wages against their will, only to return it years later because the person is too irresponsible to save the money themselves. If wage earners were to take the same amount of money from their own paychecks and put it in a savings account, or invest it; the return at retirement would be almost twice as much as the government gives them for social security.
Today, the program is bankrupting the country. Years ago the government began using the funds collected for social security for other things and now relies heavily on the working population to pay for the needs of retired Americans. The pay as you go system seemed to work for a long time and freed up funds for the government to do other things, but the lack of future planning has now put the program in serious jeopardy. The baby boomer generation is reaching retirement age; which means there will be more retirees and a smaller work force to support them. New projections show that social security will pay more out than it brings in by 2017.
Medicare is facing similar problems, but it is much further along. The government already pays out more than it brings in and estimations show that the country will not be able to afford it at all by 2020. Ameriplan offers an alternative to government healthcare at an affordable price, but there isn’t an alternative to social security besides people saving for retirement on their own. Environmental initiatives and other entitlement programs threaten to bring bankruptcy ever closer, and the economic downturn is speeding the process up.
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