In the past few months there have been possible talks of the cutting or abolition of Social Security funds within the next 20 years. Recently vice president Dick Cheney visited La Roche College as a part of the government’s Social Security reform sales tour. Cheney and his colleagues said that the pyramid scheme that many have come to rely on after retirement is begging to lose momentum, and that this so called “trust fund,” is in jeopardy of being cut within the next 20 years. This is due in part to spending cuts, more borrowing, and higher taxes he claimed. It has been said that there is a 1.5 trillion dollar net of Social Security that many are drawing on, and by the year 2041 the bottom will have completely fallen out of the net that many had hoped to catch after retirement. Many fear not only for themselves, but also for the children they are now raising, and their future care.”I do not think that it is fair that I, as well as my children, have paid numerous years into social security, and by the time that my family gets ready to retire there won’t be anything left to draw off of. I think that the government is spending too much money abroad, and not enough money on the home front, where it really matters,” said computer science graduate advisor Anne Robinson.
Some who have recently entered the working class are very upset on the matter of Social Security, and do not deem it fair that such funds might not be available in the future. Undergraduate advisor Shaunta Gomez said, “If it’s not going to be around in the future, then my wages should not be cut now. If I am not going to get what’s owed to me later on, then I want what I deserve now!”
This rumor is also sparking the interest of students who are soon to enter the work force and are just starting to learn about financial responsibility. Junior Crystal Newell said, “Honestly, I’m scared for my long term future. It seems that in order to be set for my possible future without Social Security, I have to start saving my money right now. The whole point of Social Security is to have something for the future, now without it, what is left for us?” Social security is very valuable, and without it in the future, the average person would have to save $250,000 while working, just to replace the benefits offered over an average retirement life span.
Presently, Social Security stands to be the most reliable form of retiree income therefore many say it should not be taken away. There is a constant correlation between those retiring and those paying into the system. In addition, people are living longer, and the economy has entered a time of fluctuation, and without this safety net the future working class and the economy are bound to face a belly up deficit.