October 7, 2016

ANALYSIS: TRUE. Young America, You’re Getting Screwed.

Bob Kerrey:

Clinton is pushing 70. Trump just passed it. Both have substantial amounts of non-employment income to supplement their Social Security benefits. Neither have any personal concern about the Social Security trustees’ report warning that the so-called trust fund for the Old Age and Survivors program will be depleted in 18 years.

Congress is in the same privileged condition. The average age of senators and House members is 62 and 57 years, respectively. They will have congressional pensions to supplement their Social Security. And thanks to the lucrative revolving door to the private sector, it is unlikely that they, like Hillary Clinton and Donald Trump, will be personally impacted by the dire predictions of the report.

However, for every American under the age of 50—especially the growing numbers whose only source of retirement income will be Social Security—the trustees’ report is very bad news. The “Do Nothing Plan” supported by nearly every member of Congress and the presidential candidates contains a large cut in benefits or a comparably large increase in taxes. And every year support for the “Do Nothing Plan” is sustained, the burden on young Americans grows.

As I noted above, the “second screwing” of young Americans costs them more than $10,000 per year. And if you exclude government employees that number is almost $20,000 a year about the total average amount of college debt.

Very few younger Americans understand just how much has been taken from them, or just how much they already owe for services which will they will likely never receive.

When they finally do understand, the political eruption may make 2016 seem tame.

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