There seems to be a collective sigh of resignation whenever the economy and its future are discussed, whether it is through news outlets or amongst peers. Unfortunately, this grim outlook shows no signs of changing, especially concerning American governmental programs. Social Security has long been viewed as a right by many American citizens; the population has grown to be accustomed to the fact that Social Security will be a given when retirement beckons. It is common knowledge that the funds behind the program are dwindling, but now it appears that they are being depleted at a faster rate than initially expected.
According to an article published in The Washington Post on Monday, Social Security will run out in 2033, three years earlier than previously anticipated. The renewed projections come at a time when the cost of living is increasing, more “baby boomers” are heading to retirement, the economy is in a precarious position and political actors are reluctant to overhaul the whole system and begin anew. Furthermore, Medicare’s hospital insurance fund is set to finish in 2024. Both these projections are alarmingly close, making the issue especially pertinent to our generation.
Nevertheless, despite administrative hesitation to “rock the boat” regarding Medicare and Social Security, reform is needed urgently. When the funds eventually finish, taxation will only be able to fund partial benefits. More than 56 million Americans benefit from Social Security; an alternative needs to be sought out soon for the United States to find a lasting solution to the issue at hand.
With the campaigns for the presidency intensifying over the next few months, how to tackle such heavy government spending will be a top priority for voters and policymakers alike. A clear-cut solution seems elusive at present, but the sooner decisive action is taken to alleviate the enormous federal debt and avoid impending disaster, the better.
The state of government spending is dismal; in order to combat spiralling down into more debt, Congress will have to take an aggressive approach toward battling out a resolution to the current economic situation.
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Maybe a budget would help.
Clear cut solution: elect Ron Paul