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How About a Bailout for Social Security?
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Greg Anrig,
The Century Foundation,
5/13/2009
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The media’s coverage of the new governmental reports showing that the severe economic recession has unsurprisingly taken a hit on the Social Security and Medicare trust funds uniformly leaves out an important fact: those two programs have proved to be invaluable to many millions of American families at a time when virtually every other form of personal financial support has collapsed. Retirees and near retirees have lost more than $10 trillion in housing and investment security wealth in the past two years, according to the Center for Economic and Policy Research. Even those who not long ago seemed relatively comfortable with modest nest eggs and a decent home now recognize they would face severe financial hardship in the absence of Social Security and Medicare. Younger workers confronting their own economic pressures who have retired parents and loved ones would face much greater burdens and stress if those two stalwart programs provided less support than they do now for the elderly. Continue Readingon the Taking Note Blog.
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