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One Disadvantage of Our Growing Population
There are many issues that will arise from adding 100 million people to America in the next 35 years.
Take one problem that affects the mature population in our country. Social Security currently pays for itself with a 12.4% payroll tax and produces a surplus that the government raids every year to pay other bills. But... Social Security will soon begin to run deficits and ultimately, without reform, will need a transfusion in the trillions of dollars if the government is to keep its promises.
Solutions require either a cut in benefits, continued advances in eligibility ages or a whopping increase in personal and corporate income taxes. The solution of working longer over our longer lifetimes, before becoming eligible for Social Security, is the outcome I prefer because I do not see any valid reason for sending our bill to the next generations.
Having written this, I realize I might be wrong and all social systems (Social Security, Medicare, etc.) may be repaired in the near future. But, is working longer a punishment or a reward?
Think about a longer lifetime without some form of work. Will the much younger old of our nation be left to the boredom and loneliness of a mature age that does not include the social and financial benefits of work? And, what work is best for the mature? Will it look different than the work of youth? Who will prepare for longer lifetimes? Will you?
Posted by Carleen MacKay on November 21, 2006 at 9:28 AM
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