These diagrams vividly show the challenge of the long-term viability of Social Security. This is a case where the old adage that “demographics is destiny” could not be truer. In 1950, just ten years after Social Security began paying benefits, 58% of Americans were 20-64 and only 8% were over 65. As a result, there were just over seven Americans of working age for every potential retiree. Since 1950, the percentage of the population in the working age bracket is about the same (57%), but the percentage over 65 has more than doubled to nearly 19%. That lowers the ratio from 7:1 in 1950 to 3.1:1 today.And the situation is only going to get worse. By 2050, the ratio falls to 2.3:1 and by the end of the century to 1.7:1. So, the burden on the working generations to support the retired generation will gradually become unsustainable.
Social Security policy is kind of a pet issue for me for several reasons but, perhaps, primary among them is that I don't want to steal from my 2.3 kids.
1 comment:
The Social Security data is unsustainable.
The climate change data? Don't fall for the hoax!
Pet issues give rise to pet math.
and by the end of the century
Since it's okay not to care about the tens of trillions of dollars that climate damage will cause through 2100 if preventative steps aren't taken, it's okay not to care if your 95-year-old kids wind up getting 80 cents on the dollar.
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