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June 21, 2005
Bush Speaks on the Problems of Social Security
The system known today as Social Security was originally set up by Franklin Roosevelt. Many people across America depend on funding from Social Security to pay their daily costs of living.
According to Bush, people who are already getting checks from the Social Security system do not have to worry about eventually not recieving checks. He made it clear that the major Social Security problem will be for the youth of today when they are retiring.
When all of the baby boomers retire, that will be about 73 million retired Americans that today's younger people will have to pay for so that Social Security can support them. Currently, there are only about 40 million retired citizens in America, which means the amount of people Social Security will have to cover will almost double.
Another problem is the amount of workers paying for every retired person on the Social Security system. Around 1950, there had been about 16 employed people able to divide the cost to pay for every retired person on Social Security. Now there is only about 3 employed people for every retiree currently relying upon Social Security. And it is estimated that soon there will only be 2 employed workers paying for every retired person depending on Social Security.
Posted by Tuck at June 21, 2005 04:24 PM
