Young Americans Fear Demise of Social Security Ahead of 2012 COLA Announcement
With alarms being raised regarding the finite pool of money well and truly decreasing in size, young Americans are becoming more fearful that Social Security will not exist when they themselves reach retirement. However, all those currently reading such reports today could indeed have their own Social Security benefits guaranteed, assuming a few minor and certainly far from drastic changes are made.
The first step is to ensure that the public actually fully understands Social Security, so as to encourage politicians to take decisive action now to guarantee the scheme for the current decades.
Important points that must be addressed for the future include the fact that Social Security was introduced to ensure seniors did not slide into poverty – it is not a ticket to an easy or a middle-class way of life. Likewise, Social Security must be kept as a pay as you go system as it is not welfare.
In most years, the government actually takes far more money in Social Security payments that it gives out, using the money for investments that may or may not prove in the public interest.
In essence, the only real change that needs to be made in light of longer life spans and baby booms is a much more fair and accurate way of measuring COLA. By taking into account the way in which the average American lives their life from a modern perspective and without data formulas and assumptions, the simple changes can be brought along to make the biggest difference for the future.
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