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The Myth of “Greedy Geezers” & Social Security
The line goes something like this: The old are sucking all the blood from Social Security, leaving the young with nothing to count on when they will retire.” But it’s not so according to Teresa Ghilarducci writing in Forbes Magazine. It’s not “greedy geezers” that are hurting the standard of living of the young, but these three factors: stagnating wages, rising debt, and high housing costs. Ghilarducci notes successful programs like Social Security and Medicare that pay benefits to the elderly lessen the financial burden on Generation X and Millennial as far as taking care of their parents. She also notes the young support these programs. Interestingly, the author points out that “ One third of Social Security recipients are young people (click here for the fact sheet) collecting survivor benefits or as a disabled person or dependent of disabled adult benefits for dependents.” Ghilarducci concludes by advocating for a strengthening of Social Security, but only with tax increases. Read full piece here.
The Association of Mature American Citizens (AMAC) has developed a bipartisan compromise bill to strengthen Social Security without raising taxes. Titled “The Social Security Guarantee Act,” it takes selected portions of bills introduced by Rep. Johnson (R-TX) and Rep. Larson (D-CT) and merges them with the Association’s original legislative framework to create the new Act. AMAC is resolute in its mission to get the attention of lawmakers in DC, meeting with a great many congressional offices and their legislative staffs over the past several years. Learn more about AMAC’s Social Security Guarantee here…
This posting is presented for informational purposes only and does not represent legal or financial guidance. Any opinions or interpretations presented are either those of the original author or, in the case of articles authored by the AMAC Foundation, are the opinions of AMAC Foundation staff, originally trained and accredited by the National Social Security Association (NSSA) and certified via the AMAC Foundation. Any links included in the article are valid on the posted date; socialsecurityreport.org cannot guarantee the duration of the links’ validity. NSSA and the AMAC Foundation and its staff are not affiliated with or endorsed by the Social Security Administration or any other governmental entity. To submit a question, visit our website (https://amacfoundation.org/services/) or email us at ssadvisor@amacfoundation.org. Because we are a non-profit organization, there is no charge for these services.