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.