10 Reasons Why You Should Care About Social Security

From Rock the Vote

1. Because you love to visit your grandparents—at their house. Back before Social Security, for most families, all the generations lived under one roof, and without Social Security, half of all seniors would live in poverty. Right now. Today. And that’s not going to change in 5 years, 15 years, or even 50 years, when it is our turn. That’s just the way it is.

2. Because this is not only about retirees. This is about the kid down the street whose dad died. That kid gets Social Security now, so the family can pick up the pieces. They have a lot to lose.

3. Because you’re paying into the fund every month and that money had damn well better be there when you need it!

4. Because taking Social Security money out of the fund so people can invest it in “private accounts” means having to cut benefits even more.

5. Because investments are a gamble. A system that depends on good luck and bad luck can’t provide a safety net guarantee.

6. Because the only way to pay current benefits if people take their money out of Social Security to invest is to borrow trillions of dollars for decades to come. That’s a loss that young people are going to have to make up through tax increases!

7. Because according to the Wall Street Journal, “The White House, in a private memo to conservative allies, strongly argues that Social Security benefits paid to future retirees must be significantly reduced. The memo disputes those on the right who insist that creating private investment accounts is all that’s needed to fix the retirement system. To fail to make benefit cuts while diverting payroll taxes to workers’ personal accounts, the memo argues, would be irresponsible and ‘have serious short-term economic consequences.’” (WSJ, 01/06/05) Translation: please look at the private investment account over here so you don’t notice the benefit cuts over there!

8. Because some politicians want to trick you. If you think Social Security won’t be there for you, you’re falling right into the trap. They want you to think that, because they don’t want to pay your benefits. Social Security can pay 100% of benefits for the next 50 years. After that, it can pay 80% of benefits for your entire lifetime. Don’t let anyone trick you into thinking you’ve got nothing to lose.

9. Because the reason Social Security needs more money in the future is that younger generations are living longer. If people are going to collect benefits for a longer period of time, then Social Security needs more money. It’s important to keep the Social Security guarantee at about the same level it is today – not less – even if that means paying a little more to get it.

10. Because Social Security is retro chic.