Don’t blame the politicians we elect
According to known left wing liberal, Rupert Murdock’s Wall Street Journal, a “Time Bomb Looms for Aging America.” Is this an alternative fact or fake news?
According to the June 23-24 edition of WSJ, the median 401K of Americans will generate under $8,000 per year for a household of two people. In excess of 40% of households headed by persons aged 55 through 70 lack sufficient resources to maintain their standard of living. As recently as 2016, 68% of families headed by someone 55 or older where still in debt.
Life expectancy is getting longer. More money is coming out of Social Security checks to pay for Medicare premiums and medical costs Medicare doesn’t cover. Since 1999, average worker contributions for medical coverage have risen 281% while inflation for the same time period has increased by 47%.
Medicare and Social Security are both going to be financially upside down in the foreseeable future. We as voters have several choices. We can ignore such warnings as “fake news.” We can believe that lower taxes will sustain a long term sustainable economic recovery which will fix everything and not greatly increase the budget deficit and raise inflation. We can support lower Social Security and Medicare benefits. We can raise taxes. We can do various combinations of some or all of the above. We can ignore the problem.
If we are a member of the 60% with adequate retirement plans, we have the choice of feeling arrogant about being smarter and/or luckier than the other 40%. But when the time bomb goes off, won’t we be collateral damage? Shall we deal with it now or let our children deal with it because we love them so much? We can’t blame the politicians. We elect them. If we don’t care to solve these issues, why should we expect any different from them?