Every day that goes by under the current Social Security system is another step closer to old-age poverty for millions of Baby Boomers (particularly later Boomers) and Generation Xers.
The economic decline of the United States since 1973 has meant that it is tougher and tougher for younger Americans just to make ends meet. In the 1990s, so-called "good" economic times, bankruptcy filings have more than doubled. Census Bureau figures show that real median incomes for all household age groups under 45 are lower now than they were in 1973. And this is even though both parents now have to work, whereas only one usually worked in 1973.
Time is running out. We can no longer afford to transfer current wealth to the current consumption of the affluent elderly. Current wealth must be used for current investment in order to make future workers more productive. We must do this so we can survive the reduced ratio of workers to retirees. Fewer workers must produce more or Baby Boomers, Generation Xers and our nation will suffer.
