The U.S. May Be More Socialist Than You Think
1. Social Security
Social Security was begun in 1935 as a means of taking care of older generations. At the time, the minimum age set to receive full retirement benefits was 65, as the average life expectancy was only 61. However, as the topic has become more politicized and citizens have had more of their paychecks taken in the name of Social Security, it has become nearly impossible to raise the “retirement” age. Even as the average life expectancy has risen by nearly 20 years, the Social Security collection age has risen by only 2 years (for those born in 1960 or later). What has resulted is a program that forcibly takes from poorer, younger workers in order to give to older, wealthier retirees. Plans to partially privatize the system have been met with fierce hostility, but it appears that if the problem is not dealt with soon enough, Social Security will quickly become insolvent.