The Social Security Crisis :: essays research papers

The Social Security CrisisThe Presidential election will be climax up this November and thequestion that many of Americans defecate on their mind is what are you going toabout the Social Security crisis? This question has our nation divided amidstgenerations. The elder people of our nation (ages 50 and up) fell confident thatSocial Security will be at that place for them and that it should be left alone. On the some other hand the Baby Boomers (ages 31-49) and Generation X (ages 18-30) lack thisconfidence fearing that they will never receive Social Security, and the moneythey put in would be a waste. Many politicians are afraid to touch this issuebecause the elder still make a large number of the voting block. Speaking as amember it is our duty to vote for change in Social Security to ensure we willhave something to look forward to when we retire. We can not ask any longer todefeat this crisis.For those who dont know the Social Security crisis is the threat thatSocial Security m ay go bankrupt. Well its more than just a threat its thereality. The common belief is that Social Security is a saving fund where thegovernment takes a certain percentage out of our weekly pay. therefore that money isput into a savings fund where it is held until you retire. When they retiremoney is returned to them in monthly checks plus the interest. This is wherethey are wrong. Social Security is a pay-as-you-go schema where the currentworkforce pays for the present retirees, and then when they retire they willdepend on the workforce and so on and so on. Which is fine when you always havemore workers then retirees. This is the problem the government will face whenthe Baby Boomers retire in the year 2010. In 1950 there were 7.2 workers foreach retiree. Today there are 3.2 workers for every retiree, an by the year2020 there will only be 2.