In the past American saved every last cent to manage to get food on the table, with no knowledge of credit or cards. Now with many of us leaving above our means we swim in debt. With over $12,000,000,000,000(1) in national debt Americans still trust in the government to provide Social Security, viewed by many as a cushioned retirement fund.
Originally, Social Security was established to lessen poverty in retirement. Those paying into it still set up retirement funds, and Social Security was and is not intended to sustain the same standard of living as before receiving it. So why now as the baby boomer generation approaches retirement are so many dependent on this government program. The weakness of the Act is becoming ever present, it is predicted that by 2016 Social Security will be running a deficit.(2)
America's debt already weakens its appearance, now one of the government’s largest programs is wobbling on thin ice. Wise Americans already see this and have chosen to invest more heavily privately. A Minority fears, somewhat rightfully, the government is getting much too large. Not necessarily powerful as much as involved and overseeing. Lately the majority of citizens seem to be less weary of government than historically seen, however with the fragility of social security and other questioned policies that weariness seems to be increasing.
Our Constitution allows for the flexibility of trust and distrust, government to grow and shrink without abolishing it. It is this flexibility that will protect Americans, economically many charges will need to occur because of the inaccurate reliance on Social Security, but no complete revolution will need to be pursued.
Sources:
1.http://www.usdebtclock.org/#
2.http://www.socialsecurity.org/
3.http://www.associatedcontent.com/article/1489760/the_beginning_of_social_security_and.html?cat=9
4.http://www.forbes.com/2009/03/22/obama-larry-summers-economy-government-opinions-contributors-social-security.html
Sunday, January 3, 2010
Socially Secure?
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