The Federal Reserve has made continual warnings about the collapse of Social Security and the President of the United States has also warned of the 2042 bankruptcy of social security. Obviously it is time for the rest of America to wake up. Many have and it seems any politician who talks about limiting social security will not get elected. This is a problem as they are afraid to address the issue.
Of course the longer that we wait to tackle this issue the harder it will be on us economically when we do. If you think citizens are not trying to protect this gift from the government, think again, as it is even an issue in local elections.
Having been involved in local city politics (250,000 pop city), it was amazing during the drawn out election process how many times I was asked about things totally irrelevant to running the city;
1. What is your Stance on Social Security?
2. What is your stance on Abortion?
3. How do you feel about Medicare?
4. How do you feel about the new drug plan?
Interestingly enough city council people do not deal with any of that? And yes if you do not address these issues and fill out their forms and say the right things, I doubt you could even get elected at the City Level.
Government must remove its self from the collapsing social security problem and recall that FDR had proposed a ceiling on it? What was it $1300 one time payout? How did it get so high? It should have never happened. In fact if you put that same $1300 in an account at birth that person would be full amortized by retirement, problem solved; lets say doubling every 5 years rather than the average of 7.7 years over time now?
Of course parents could do the same thing, but do not. Smart financially literate people do, perhaps better education Senior Year in HS or Introduction in College, would be a very wise investment in our educational system? Social Security for those retiring now ought to come with a reciprocal responsibility of mentorship to younger folks, lets pass on that knowledge not waste it? Perhaps an Asian Concept, but it could bridge the gap to pass on knowledge.
You see retirees often feel that the younger generation does not care and will re-live their past mistakes without listening, indeed they probably will, but that does not have to occur. We need them, they need us and they are interested in helping, as I have traveled our nation and sat in coffee shops and received such information freely from them.
I certainly hope this article is of interest and that is has propelled thought. The goal is simple; to help you in your quest to be the best in 2007. I thank you for reading my many articles on diverse subjects, which interest you.
