Issue #3 Social Insecurity

Social Security was started in 1935 to serve as a main source of income for the elderly Americans. Most people who benefit from this program are retirees, families of deceased workers, and disable workers. A percentage of each worker's paychecks are taken away to be used for social security benefits for other people. However, with the baby boomer generation soon to retire, the social security we pay now will run out and there will not be enough for future generations. The federal government is currently borrowing money from the social security fund because it is taking in slightly more than needed. But soon after baby boomers retire, there will be less workers' paychecks to take money out of and more retired people that need social security. The federal budget needs to be revised so that money is not borrowed from the social security fund to pay for other programs. These other programs should be involved in the federal budget instead of having to borrow and take away part of the money from other more important programs such as medicare. Either the retirement age needs to be increased, more money should be collected from workers' paychecks, or maybe both to make sure that there is enough for future generations. There should also be no borrowing money from social security for other programs allowed.

I believe that the amount collected for social security from paychecks should be increased. When the baby boomer generation retires the funds will quickly run short because of the offset of amount of people still working. There will be less workers than social security beneficiaries and the money taken in will not be able to compensate for the money going out. Soon funds will run out and there will be nothing left for the future generations. The age of retirement could be slightly increased as well. Not so much that the workers are no longer capable of completing tasks due to age, but by a few simple years. This keeps the number of social security beneficiaries a little lower while they continue to support the program through taxes. Kentucky Senate Candidate Rand Paul has similar viewpoints to mine. Click Link for information about his viewpoints.


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Links to other important issues:
Issue #1
Issue #2


10/04/10