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Today’s Grads Have Little Reason to be Glad
What type of world have the baby boomers left for today’s college graduates? An interesting question to ask, as the season for university commencement speeches rolls around once more….
An uncertain retirement — If nothing changes, the Social Security system will begin to run out of money, and pay out reduced benefits in 2033, according to an estimate. That’s no big deal if you already are retired, or about to retire. If you are 25, it increasingly looks like you are paying into a system that won’t benefit you, at least not to the extent that it benefited your parents. In 1983, Ronald Reagan and the Democratic Congress compromised to extend the life of Social Security. That bill raised the Social Security tax, delayed a cost of living adjustment and raised the Social Security age. In other words, everyone shared the burden. But both political parties are affected by a paralysis now. No tax increase. No cost of living cut. No action at all as we drift toward a “no compromise” abyss. Read more…
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