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Monday, April 11, 2011

The Problem with Social Security

Other than the fact that it was originally passed to be an emergency measure to keep people from starving and has had significant payment and tax increases over the years, the basic problem is life expectancy. In 1935 when Social Security was passed, the average life expectancy at birth of males (who constituted most of the workforce at that time) was 60 years. In other words, the Congressmen who passed it did not expect most workers to live to collect a dime since the qualification age was 65 years. Now life expectancy at birth is about 78 years. So we went from few collecting benefits to almost all of us receiving benefits for 13 years on average and at increased payouts. No wonder it's sopping up more and more of our country's revenue every year! Time for a change!

posted at: 18:17 | path: /general | permanent link