Social Security Reality
This spring, many Americans sat in front of their TV sets, watching a “reality show” in which a well-off, 50-something business tycoon controlled the financial future of 16 young adults. On The Apprentice, Donald Trump weeded through the contestants and ultimately awarded one young man a $200,000 contract.
A somewhat similar situation prevails in the real world. Here in Washington, a group of well-off 50-somethings actually does control the financial future of millions of young people. Unfortunately, the retirement “rewards” Congress offers younger generations of Americans are not nearly so appealing as those proffered by The Donald.
Consider the grim figures presented in the most recent report from the trustees of the Social Security Administration. They note that, in addition to paying 100 percent of their regularly scheduled Social Security taxes, this year’s high-school graduates can expect to be paying sharply higher income taxes at about the same time most will be trying to support their own families.