Young Americans turn against Boomers over Social Security
Young Americans turn against Boomers over Social Security
A majority of millennials think that the Social Security program is making more payments than it receives taxes, according to an exclusive Newsweek poll.
Millennials, Gen X and Gen Z say the system needs reform, an exclusive Newsweek poll found, amid fears the benefits won’t exist when they come to retire
Younger generations in the U.S., including millennials and Gen Zers, are much more likely to believe that the Social Security system needs reforming than those in their 60s and 70s, according to a recent survey conducted by Redfield & Wilton Strategies on behalf of Newsweek.
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Some 40 percent of respondents said they believe that the Social Security program currently pays out more to retirees than it is receiving in Social Security tax payments, while 26 percent disagreed with this statement.
Gen Zers (ages 18-26), millennials (ages 27-42) and Gen Xers (ages 43-58) were more likely than boomers (59 and older) to think that Social Security should be reformed.
This is a propaganda article. It's meant to start the idea that social security change should happen; Social Security had a surplus and was on track to support Gen Z with boomer level benefits until George W Bush drained the fund to pay for the Iraq war. A 100 billion+ surplus (which would have been 2T by 2011) was sucked dry at a billion dollars a day for a war that brought nothing but misery. This current crisis is brought to you by the Republicans.
Social Security is currently facing an uncertain future as it is expected to face a 23 percent across-the-board benefit cut in 2033, according to the Committee for a Responsible Federal Budget, unless something changes until then.
Some bullshit conservative think tank is trying to spin up the idea of cutting benefits to prevent taxing billionaires. Don't let the rich lie anymore. Make the rich pay!
Man, wish we could have put that money in some sort of locked box...
Oh yesh, the "locked box" tag lines. Again and again and again during speeches, debates, and articles. Back when news cycles and ongoing stories were measured in weeks rather than hours.
Social Security should be reformed. The surplus should be given back and laws passed that forbid touching it. Further:
- The amount paid out should be significantly increased (after decades of working I would make less than $3,000/mo on SSDI, for example, which isn’t enough for me to live on my own even)
- There should be no income cap for taxation purposes
- The retirement age should be lowered to 60 and taxes/formulas modified accordingly.
- It should not take years for anyone to make it through applying for disability.
Honestly, Social Security should also be responsible for paid sick/family leave, short term and long term temp/perm disability, unemployment, etc. We in the US could have it so much better…
Yeah and it should be allowed to hold companies that are bailed out as long as its financial advisers choose.
Hell when it’s time for UBI this is the administration to do it
Your forgetting Ronald Reagan was the one who started borrowing from it and saying here is an IOU
This current crisis is brought to you by the Republicans.
It's probably important to consider that the Iraq war was enthusiastically bipartisan with one glaring exception: Bernie Sanders. Therefore, it's not entirely honest to (rightly) fault the Iraq War as a starting point for the problems with SS and not also fault Democrats for their role in making those decisions.
Make the rich pay!
This is the only way to fix the problem, but it's never going to happen. Every two years we vote for legislators who are fabulously wealthy and have made all manner of corruption legal for federal legislators. (ie, loaning your campaign money at interest, insider trading, using classified briefings for stock moves, etc.)
Now's a good time to repeat what I do every campaign season: Don't give candidates your money. Put it in your investments, and then no matter who is elected, you will have some representation as both parties care more about the stock market than they do about you.
It's probably important to consider that the Iraq war was enthusiastically bipartisan with one glaring exception: Bernie Sanders. Therefore, it's not entirely honest to (rightly) fault the Iraq War as a starting point for the problems with SS and not also fault Democrats for their role in making those decisions.
I mean...126 democrats in the house voted against it. Only 6 Republicans and one Independent (Bernie) voted against it. Democrats did play a role, but it's not nearly so "both sides!!" as you're trying to make it here.
There has never been a separate fund. The "money" is still there, its in IOU's.
George W Bush drained the fund to pay for the Iraq war
Not really. Bush ended Clinton's budget surplus and replaced it with a budget deficit, and I won't argue if you hold the wars responsible.
But SS is not part of the normal budget. It was running a surplus in the Bush years. There was a debate over what to do with the surplus.
Keeping it "stuffed in a mattress" would be irresponsible for the same reason most of us don't keep our life savings in a checking account. Bush wanted to invest it in the stock market, but the public rightly thought that was too risky. So it was invested in the most risk-free asset: Treasury bonds.
That means that the government could spend the surplus, but they are required to pay it back with interest. Failing to pay back SS would trigger a default, no different than crashing through the debt ceiling.
The Social Security Trust Fund is nearly $3T
Damn, good to know I was fucked before I was even able to vote. And here I thought me and my generation were the problem....
Millennials and Gen-Z need to be fucking pissed about any one spouting the bs talking point that social security will just dry up by the time we retire so it’s best not to count on it. Social Security is something we’ve all paid in to, so it better fucking be there when we retire. That’s the deal. I realize there is a funding shortfall, but the fix is damn easy and simply involves removing the exemption the rich currently have.
I wonder who benefits from this bs. What's even the goal?
For the rich? For corporations? Paying less tax. The rich can afford to retire. They don’t give a damn if you can. Actually, better for them if you can’t since you’ll just be another worker in the labor force up until the moment you drop dead or can’t work anymore and become a homeless elderly person.
If you're under 50 and expecting to retire someday, I've got some bad news about the climate.
Easiest and fairest way to fix this is to stop exempting high earners and investment income from SS tax.
Just for those unaware - the social security pay-in is a percentage of your income, but the maximum amount of your income subject to social security withholding is capped at a fixed level that increases annually. The last time I looked, the cutoff was somewhere around $138k. So if your cumulative income for the year hits $138k in, say, June, you are no longer subject to SS withholding and your weekly paycheck goes up by a couple of hundred dollars or so as a result. Most people don’t hit this amount, but enough do that were the cap eliminated, it would increase solvency and possibly allow for an increase in payouts.
On the flip side, your payout from social security is proportional to what your pay in was. It’s still capped, and it’s not really enough to live on. Those who hit the cap typically have multiple other sources of savings for retirement and could easily contribute more to the national program.
It’s 168k now for those interested: https://tax.thomsonreuters.com/news/social-security-wage-base-increases-to-168600-in-2024/
I'm sorry but this disproportionately affects W2 workers who live in HCOL areas. I've paid into social security since I started working in HS. I'm now a 34 year old, and am expecting nothing during my retirement years as I've been told. Naturally I'm saving up with a 401k and Roth IRA, and you're saying it's okay to drain more from me because I am planning on there being nothing left for me?
I don't agree with that. Why can't we do a wealth tax first and see where we are, why must we hit W2 folks over the head every time.
As one of those high earners, yes. Absolutely. I’d even say do it like Medicare and above a certain income you pay a slightly higher rate that normal too.
Some 40 percent of respondents said they believe that the Social Security program currently pays out more to retirees than it is receiving in Social Security tax payments, while 26 percent disagreed with this statement.
And who's right? Do your fucking job, Newsweek!
The media doesn't care about right and wrong anymore. Right and wrong doesn't sell soap as well as giving you something you can agree with or disagree with to fit a certain ideology to keep your eyes glued to their channel or website.
They are. They're defending the status quo, and trying to sway the opinion of young voters.
Yes it should be reformed in the way that the rich should be properly taxed and loopholes like bullshit charities shut down and forced to pay a living wage . I don’t think this is generational so much as classism and late stage capitalism. Im done caring about this stupid generational war between genz at boomers. I’m all about seeing Musk/bezos/Zuckerberg/Chesky cry rather than Mable who worked and paid taxes as a nurse all her life and just needs to retire. Let her. Move on. Let’s stop waxing on about how the boomers had a money fall way back in the 80s cuz it’s no longer the same damage at fucking over the system as these current generations that sucked up the Silicon Valley straw. They are still here. They are still doing the most damage in current day that is directly influencing the lives of the new generations with wage stealing and denying affordable let alone available housing would have direct impact on their social security.
One easy way to make social security fund on better footing is to allow more immigrants into this country who will be paying SS taxes.
If you change nothing else you will still run out of money in the fund if the population ever starts to stagmate or decline again. It is basically a pyramid scheme. Importing more people is only a short term fix.
So the generations that have heard all their life that their will not be any social security for them when they get old think it should change and the people currently getting it do not think it should change?
There just recently was a good episode on citations needed on this kind of fearmongering
Came here to post this. Citations Needed completely changed how I view issues like this.
reframe[s] the conflict between rich and poor as one between young and old
TL;DR
Boomers really are the generation of “Got Mine, Fuck You”
it says here.
it says here
that the unions will never learn
it says here
that the economy is on the upturn
and it says here
we should be proud that we are free
and that our free press reflects our democracy
- Billy Bragg (a boomer)
How old was he when he wrote this? Betting it was before he was 65.
GenX here, we got mentioned twice - yay? Yeah, we don’t exist…and I think we’re mostly ok with that.
Par for the course, who even wants to exist anyway?
I agree with what others have said though, ultimately there's no war but class war, the haves and the have nots.
Tl;Dr: 26% of the respondents simply don't know what they're talking about.
Honestly I'm surprised it's that low
This same shit gets pulled in the UK... people complain that the state pension won't exist when they retire. Thats just bullshit, with no evidence that something like that will happen, because it would never gets passed in the commons.
Oh, it will probably exist, but it will exist on newly created dollars, and therefore, cause massive inflation, and the dollars will buy less and less as time goes on. The dollar is headed for a death spiral like Argentina.
Not going to happen. The fed raised interest rates faster than most other currencies to curb inflation. The economy was running hot after the cash injection it took because of Covid. The dollar isn’t perfect but it is the worlds predominant currency for a number of reasons but predominantly it’s because it is the least terrible of all other choices.
But that's the problem. Inflation is still running higher than it should be. And the Fed is already talking about cutting rates which will drive inflation up again. If you take a look at gold and silver from the beginning of 2023 until the end of 2023, you will notice a roughly 10% rise in both on average. Bringing that down would take more time of high rates which we will not get.
Are you guys not happy for them?
