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View Diary: US already has high elder poverty rate, so why are Social Security cuts even on the table? (223 comments)

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  •  medicare is a driver of *the* deficit (0+ / 0-)

    especially with boomers moving into retirement.

    SS is not a driver of * the * deficit, but has its own deficit problem.  it is burning through savings and will reach a point where it will not be able to pay out on its obligations.  something really does need to be done.

    and dammitall, the GOP controls the House right now and likely will for a decade.  so there's your "why."

    it's also true that SS has quite a population dynamics problem; i srsly think immigration is the only real answer.

    boomers = 79-some million
    gen x = 53-some million
    millennials = 70-some million
    gen z = on course to be smaller than gen x

    millennials are, so far, not having children at the same rate as their boomer counterparts.  so boomers retire; gen x and millennials already in the workforce replace them.  no new net jobs.

    the rest of the millennials will be in the workforce within 10 years; gen x will start retiring within 20.  still no new net jobs, as the boomers will have finished retiring in 10 years.

    then gen z starts working, only they, so far, don't have the same numbers as gen x.  net loss of workers, and payroll tax revenue, for the millennials' retirement.

    the population drop from boomers to gen x wreaked havoc on SS; the drop between millennials and gen z will be worse.  

    Please don't dominate the rap, Jack, if you got nothin' new to say - Grateful Dead

    by Cedwyn on Wed Jan 16, 2013 at 07:17:40 AM PST

    [ Parent ]

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