According to the Social Security Administration, in 1945, 41.9 workers supported each individual retiree, while today only 3.3 workers support each retiree. This system cannot continue.
Sentiment: NEGATIVE
Today there are about 40 million retirees receiving benefits; by the time all the baby boomers have retired, there will be more than 72 million retirees drawing Social Security benefits.
The reality is that the workforce relative to the number of people retired has shrunk and today in America there are only 3.3 working Americans paying payroll taxes to support each individual currently retired and collecting Social Security taxes.
As you know, Social Security functions under the premise that today's workers will help finance benefits for retirees and that these workers will then be supported by the next generation of workers paying into the same system.
Social Security should have a self-sustaining portion that was funded by contributions from both employers and employees. That's what we know and have known for 70 successful years.
Indeed, I think most Americans now know that in 1935 when Social Security was created, there were some 42 Americans working for every American collecting retirement benefits.
From the employees' standpoint, in 1935, Social Security was a big gamble. Employees would be required to participate in the program, contributing a percentage of their income for their entire adult working life.
Right now, too many women who reach retirement age find themselves widowed or single, relying on their Social Security check for over half of their income.
In 1890, nearly everyone died on the job, and if they lived long enough not to die on the job, the average age of retirement was 85.
People do not retire. They are retired by others.
Some government workers are dedicated and work hard, but most of them are just waiting to retire.
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