Selfish Silence on Social Security

Boomers, this is our call to sacrifice just a bit. We can't match the contributions of the greatest generation of our parents, but we can do something important for our children and grandchildren.

Reform Social Security.

Robert Samuelson, WaPo, RCP:

By comparison, other budget issues, including the notorious earmarks, are trivial. In 2005, Social Security, Medicare and Medicaid (the main programs for the elderly) cost $1.034 trillion, twice the amount of defense spending and more than two-fifths of the total federal budget. These programs are projected to equal about three-quarters of the budget by 2030, if it remains constant as a share of national income.? Preserving present retirement benefits automatically imposes huge costs on the young -- costs that are economically unsound and socially unjust. The tax increases required by 2030 could hit 50 percent, if other spending is maintained as a share of national income.

This is the challenge. And if that hasn't gotten your attention, this might---if you're under 55, a late Boomer, your chances of significant benefit reductions are a sure thing by the time you retire. And your kids, if you bothered to have any, will be strapped to help with these punitive taxes, while raising their own kids, and trying to save for their own retirement.

As the post-World War II generation we were blessed by our parents' sacrifices, and have valued it too little. Step up now, be grownups for once, and end the selfish silence.


Previous posts: Load of Pap from AARP; Boomers, Save Now, Don't Delay