General Discussion
In reply to the discussion: True Democrats don't work to slash Social Security. They don't. Not Ever. [View all]Honeycombe8
(37,648 posts)the recession/depression even hit.
It's because of the huge number of baby boomers retiring, whose benefits will be paid for the current work force, which is the younger, smaller group of workers.
Social Security was based on the premise that every succeeding group of workers would be larger than the preceding one. Then they figured out that this would not happen because of the baby boomer generation.
Social Security Admin. says it will not have all the $ it needs for the benefits in some certain year in the near future (I forget the year - and every year they redo the numbers, and the year may change somewhat).
I understand the resistance by younger people not to believe this. It sounds suspicious. But this is an issue that has been discussed for years. It is no surprise to me. I totally believe it.
Now, one of the things they can do is borrow the $. They can also raise taxes. They can also raise the retirement age one year. They can also cut monetary benefits. Or they can do all those things.
The problem should iron itself out in time, because the work force AFTER the next work force should be larger, again.