One of the most highly debated topics in America is the crisis of Social Security. The benefits are in place for senior citizens and those on disability who have no other way of income. The money is pooled from a payroll tax that all Americans have to pay. Due to a multitude of factors- the recession, baby boomers, and low workers to retirees ratio-the revenue is dwindling fast. Many fear, that the funds the government set in place for their assistance will be gone in a matter of years.
In 2008, Fortune Magazine predicted around 78 million senior citizens would claim social security in the next 17 years. The cost of programs such as health care, along with the debt the U.S is in may bankrupt the country. As it is now, the government has borrowed upon the surplus account and spent most of the money. Due to that, by the year 2015, they will be able to start borrowing on other tax programs to make up the difference.
NASI (The National Association of Social Insurance) conducted a poll among Americans concerning Social Security. 90 percent of the people asked wanted Congress to take action to save Social Security in the next two years. U.S citizens don’t mind paying more taxes for their benefits because they its value. Especially during the recession when everyone noted how unstable the stock market could really be.
Social Security affects so many different people. From the disabled, to senior citizens, to children of disabled parents who need money for college, and for parents who need time off to care for their kids. If things continue as they are, by the year 2037 the debt against the Social Security fund will be an estimated $4 trillion. The statistic for beyond that year only get worse and have everyone thinking, will I be able to get the help I need to enjoy my old age?