As the baby boomers continue to reach the Social Security-drawing age, the American government’s surplus of finances will gradually fall to a dearth of funds unless intervention is made quickly. Plans for reform have been mentioned, but so far nothing has been done to supplement the future’s inevitable lack of funds. The sooner the government takes action on Social Security, the less severe the reform will have to be. Well- planned adjustments in the smallest increments can make the largest impacts on the system of Social Security.
Young people and many others are convinced Social Security will not be there when they reach the retirement age. Some proclaim it will only become a monthly allowance from the government, not providing for all the needs one requires. After years of paying into the system, the return will be insubstantial for adequate living. Retirees will have to look to other places for income- even coming out of retirement to pay bills. But what job will hire the elderly besides a Wal-Mart greeter( insert)?
Confidence in Social Security has been lost. The media is to blame. Day after day, reports are being fabricated of Social Security going bankrupt, and people are losing faith in the system because of this. Although it is going bankrupt, the media tends to blow the situation out of control. As of right now, the system is healthy but it is slightly going downhill. Luke Mullins, contributor to the U.S. News & Report, states “There absolutely is no crisis.” When Mullins stated this, he understood the future can be rough, but it is does not have to be; it must be dealt with now to prevent a system meltdown. Social Security’s future
Income testing is one proposal that causes much debate. This proposal calls for people who make above a certain income not to receive the Social Security benefits, even if they have been paying into it. If this happened, then the system would become a welfare system not a retirement system- which it was intended to be. The truth is people who make above that income pay more into the system than...