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Jewish World Review
Feb. 3, 2005
/ 24 Shevat, 5765
Granny's Social Security shakedown
By
Michael Graham
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http://www.JewishWorldReview.com |
Dear Granny,
Just got your package. Thanks so much for the delicious cookies. But I was a little confused by your note about Social Security. You don't think we should do anything about it at all? Granny, in 2018, there won't be enough money coming in from the Social Security taxes to cover the payments. We'll have to start taking money away from things like roads and schools. Surely there's some reform you can support.
Love,
Uncle Sam.
PS —No, I don't know why they took Matlock off the air, but I think it was awhile back. I'll look into it.
Dear Granny,
You knitted me a sweater! How sweet. About that Social Security thing again. I wasn't trying to "confuse you with numbers." I was just pointing out that there are many more retirees compared to workers than 50 years ago. And because those retirees will spend an average of 17 years receiving Social Security benefits, there won't be enough money coming in to cover the costs.
I know you paid into Social Security most of your life —well, your husband did, anyway —but remember that the average Social Security recipient gets back everything they paid in, with interest, in four years or less. Do the math: 17-4 = a lot of young people working a long to give you their money.
Besides, the money you paid in 20 years ago was immediately paid out 20 years ago to that generation of retirees. It's gone. Forget that Al Gore guy. There isn't a Social Security "lockbox" or "trust fund" or even a brown paper bag of cash under the mattress. There aren't any Social Security assets of any kind. The money comes in, the money goes out.
That's why we need to fix it, Granny, so there will be something to "go out" to all the young people working so hard to cover your current checks.
I know you'll want to do your part to help.
Sincerely,
Uncle Sam.
Dear Granny,
Sorry I missed you for the "Early Bird" special at the diner. Usually I eat dinner sometime after 3pm.
I must say I'm a little taken aback by your angry comments about young people and Social Security. "Quit whining and pay up" doesn't strike me as a productive attitude.
Besides, these younger workers can do the math, and a majority have no confidence that the next generation will be able to afford to take care of them like they are taking care of you.
And you can talk about raising their taxes all you want, Granny, but that couple in their late twenties with their first child is, statistically speaking, as cash poor as they're ever going to be. They have the highest need for income —for bills, student loans, a down payment on their first home —and you're taking about 13% of that precious money right off the top to pay for your Social Security and Medicare right now.
Meanwhile, you and your senior citizens are the wealthiest age group in America. More than 80% of you own a home —a higher percentage than any other age group— and your net worth is more than $200,000 on average. According to the AARP, Americans over 50 are responsible for half of all consumer spending a well. You've got the money, Granny, and you're spending it.
So why are you lashing out at anyone who suggests changing the system for those young workers paying your way? Nobody's talking about taking away your Social Security (though the fair-minded among us wonder why millionaires who happen to be 65 should get a check paid for by minimum-wage workers). All we're talking about is allowing these young workers to set aside some of the money they're paying now in a personal, investment account. You get your check. They get to have a more prosperous future. Why are you and the AARP fighting against that?
Concerned,
Uncle Sam.
Granny,
My, what language! Have you been watching Deadwood? I've tried to remain positive because I believe it's in everyone's interest to fix Social Security for the next generation. But getting angry won't change the facts: You know it's not your money. You know young people are getting ripped off. You know Social Security starts losing money in 15 years and goes completely broke 20 or so years after that. And yet you reject even the idea that there's a problem.
What else can be said? You know me, Granny. I'm not going to give up. As usual, I'll find a way to deal with these problems somehow. I was just hoping the "Greatest Generation" would stop fighting against a brighter future for the next one.
Uncle Sam.
PS —Matlock sucks.
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JWR contributor Michael Graham is a talk show host and author of the highly acclaimed "Redneck Nation: How the South Really Won the War." To comment, please click here.
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