Social Insecurity and the Need to Save for Your Own Retirement
Our economy supposedly requires the mass importation of millions of foreign born workers to keep it going. Yet we do not have enough jobs for teens and high school graduates who aren’t qualified for college. Too few citizens pay into the tax base, and many illegal immigrants work under the table.
Then there is the third rail of politics – Social Security. “We need more workers to support Social Security.” Is it reasonable to expect Ahmed to happily pay his taxes to support the old white people’s retirement while he has three kids to feed? Manuel from Mexico is supposed to send money home to his kids while paying his share to support the retirees here who never had children of their own.
If Social Security will fail because it is a pyramid scheme, it will collapse even faster if the new foundation of workers have absolutely no loyalty to those at the top and take the jobs of those who might have paid.
However, the solution we should rely upon is the less likely to occur. Finding room in the state and national budget for increased child tax credits is a low priority when families with children make up such a small percentage of the population.
When childless middle-aged couples say, “I shouldn’t have to pay school taxes, because I’ve never had kids in school”, it becomes nearly impossible. But I have more than once retorted at such public gatherings, “If you don’t pay for their schooling, then don’t expect my kids to pay for your retirement.”
And when taxes run out, there are too many Baby Boomers to support on the same raft of cash. The first to be denied Social Security will be those with pensions and their own savings. But even those without other retirement funds will see cash payments reduced to pay for medical care.
The traditional standby of relying on your children fails when you haven’t had any, only have one who has their own family, or lack ties due to divorce and distance. Other people’s children cannot afford to support you. Those from other countries will prefer to support their own. Neither your own children nor someone else, American workers or imported, or even the generic taxpayer can support you.
You are your only last resort. Social Security and the safety net are failing – as it has been projected to do so – it is only happening sooner due to the recession. This is why you must save for your own retirement.
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