The United States Social Security, the single most depended on welfare program across America, is in danger. Researchers have discovered that the Social Security program, newly named Old Age Survivor Disability Insurance, is deteriorating. Insolvency is deemed the forthcoming issue regarding the downfall of America's largest safety net. By the year 2034, the OASDI trust fund will only be able to pay out 75% of its debt owed to the millions of Americans advancing into their retirement years (Privatizing Social Security). Politicians have addressed the impending insolvency of our nation’s welfare. Among these politicians is republican presidential candidate Donald Trump. Trump has spoken about the noticeable problem with our welfare system, and
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But this rationale is wrong. Sure, there will be large sums of assets being transferred from the federal pool of funds to private accounts, but this process will take some time to complete. This “time” will give the federal government a chance to adjust to the decrease in cash flow. If nothing is done to combat the insolvency of the Social Security program, it will surely fail. As of right now, millions upon millions of people are reaching the retirement age and ready to collect, and within those millions are the many baby boomers. The baby boomers are what will be Social Security’s achilles heel. The oldest of the boomers, born in 1946, have been steadily reaching retirement age since 2012. Now that seems very normal yet a more interesting statistic states otherwise: Every year after 2014, 10,000 new boomers will be retiring per day. The number of workers supporting one OASDI beneficiary will drop rapidly in the proceeding years. Currently, there are 2.9 employed americans supporting a single beneficiary. (How Many Workers). These numbers are staggering. This goes to show that the Social Security program is in grave danger and something needs to be done
But this rationale is wrong. Sure, there will be large sums of assets being transferred from the federal pool of funds to private accounts, but this process will take some time to complete. This “time” will give the federal government a chance to adjust to the decrease in cash flow. If nothing is done to combat the insolvency of the Social Security program, it will surely fail. As of right now, millions upon millions of people are reaching the retirement age and ready to collect, and within those millions are the many baby boomers. The baby boomers are what will be Social Security’s achilles heel. The oldest of the boomers, born in 1946, have been steadily reaching retirement age since 2012. Now that seems very normal yet a more interesting statistic states otherwise: Every year after 2014, 10,000 new boomers will be retiring per day. The number of workers supporting one OASDI beneficiary will drop rapidly in the proceeding years. Currently, there are 2.9 employed americans supporting a single beneficiary. (How Many Workers). These numbers are staggering. This goes to show that the Social Security program is in grave danger and something needs to be done