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Unions, pensions and the future of Social Security
The first Social Security account was established in 1936 for 23 year-old John David Sweeney, Jr. of New Rochelle, New York, who never received a dime in benefits. Unfortunately, Mr. Sweeney died of a heart attack at age 61. The average U.S. life expectancy in 1935 was 62. Today it’s 79. Unions, which once fought for not only livable wages but solid retirement packages, have declined in numbers and bargaining power. Private pensions, a ubiquitous part of our historical economic landscape, are now virtually an anachronism. And Social Security was originally designed only to supplement such pensions as financial protection for retirees in old age. With 10,000 Baby Boo mers retiring daily, it is easy to understand the factors that are stressing the system. Read more…