Social Security is currently a problem in the United States as the baby boomer generation comes of age to claim it. This large draw is causing a deficit, as well as the under-the-table drawing of funds from the business itself. This presents us with an issue, should the claimable age be raised? There are arguments both for and against this, and both affect people differently. One solution is to raise it, which means there would be more money put in and thus the system would have a higher buffer as more money is put in over a few more years. The other option is to keep it the same, causing taxes to raise for the younger generation to support themselves later in life when they need it, since the amount leftover from this large boom of withdrawal …show more content…
Social security should be a self-funded program, as you should get out a much as you put in and then have some left over due to those who don’t collect or die prematurely. According to Forbes author Merrill Matthews, “if there are real assets in the Social Security Trust Fund—$2.6 trillion allegedly—then how could failure to reach a debt-ceiling agreement possibly threaten seniors’ Social Security checks?” This brings up the actual issue that there is not enough money to pay out, or at least it will run out very soon. It is unfortunate that this is a problem, because it suggests that there is money leaking out through a third party that we don’t know about. We shouldn’t have to be doing this at all. In terms of how this would affect the economy though, it would make it somewhat difficult for newcomers into the workforce, especially those on minimum wage. Hopefully though, the tax does not have to be increased significantly with the flow of job openings created by a mass wave of retirees, as this means it can be spread out across the populace. It also guarantees that there will be some extra money getting put in that will not be claimed, thus creating a small buffer to pay off as long as that buffer remains unaffected by outside