The Future Of Social Security Essay

908 words - 4 pages

Social Security Persuasive Essay
By: Cody Hudson
COM/172
February 12, 2011
Ms. Neff

Social Security Persuasive Essay
For young Americans like me, retirement is an idea that does not seem relevant. For most young Americans retirement is so far off that it is not a major concern for individuals living in the here and now. The reality is that young Americans in their twenties and thirties should be very concerned. Young adults should not count on the government to support them when they retire. In this essay we will begin to understand why social security is not a valid retirement option. One will also learn how social security will decline in reliability and the options that the United ...view middle of the document...

According to New York Life (2010):
“According to the 2007 Social Security Trustees' Report, the program faces massive annual deficits in just 10 years. Coupled with a Congressional Budget Office report predicting Social Security and Medicare expenditures to increase around 75% by 2030, economists seem to have no certain answers now.
While today's retirees can probably count on receiving their Social Security benefits, future generations may not be so fortunate. This is largely due to increased longevity, costs of medical technology, and the impending retirement of the baby boomer generation (individuals born between 1946 and 1964)” (The Future of Social Security, 2010).
As one can see the stability of Social Security to continue to pay returns to individuals that pay into the system is very doubtful. When the baby boomers begin to retire over the next several years the government will begin to see a dwindling effect in social security’s surpluses.
The reason why social security is failing is due to simple finances, which are learned in grade school. Simply, social security expenses are greater than its income. The government for the past thirty years has been using social security as its own personal piggy bank. Recently social security reported surpluses that went to finance the Department of Defense’s B-2 bomber project (The Future of Social Security, 2010). The government borrows funds from Social Security by reimbursing the social security account with bonds.
“Through 2007, the Social Security trust fund held $2 trillion in bonds. When Social Security's expenses exceed its income, theoretically these bonds can be redeemed to meet current obligations. Beginning in 2017, the Treasury will need to begin...

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