I was born in 1946, the first year of the so-called ‘baby boom’ generation. We baby boomers are starting to turn 65 this year and are being blamed for the fact that Social Security is going to run out of money in a few years. It is implied that because there are so many of us (because of the ‘boom’) we are going to bankrupt the system and destroy it. I’m wondering whether this is true.
First, I don’t see a boom at all. My parents were both from large families – My mom was 1 of 11 and my Dad 1 of 6. But they only had 2 kids. And my Mom and Dad’s siblings had from 0 to 4 kids. I would expect that if there was in fact a boom, there would be larger families in my generation, but there aren’t. In fact, it seems the families actually got smaller. So where did this boom idea come from?
Second, it is argued that the boomers will drain Social Security because there are so many more of us, and we are therefore poised to take more money out of the fund, but this is not accurate. Our generation may be larger than the preceding one but that previous generation’s work-force was almost entirely male. We actually put more money into the system because during our lifetimes women came into the work-force in huge numbers, thereby increasing the amount of tax being paid into Social Security, so we probably paid in more than we will take out, proportionally.
Third, I believe it is not the birth-rate that is the cause of the Social Security problem but the death-rate or average lifespan that is the cause. It is my theory that the system was designed when people’s life spans were shorter and it was assumed they would take out less than they put in. Due to increases in medical technology, life spans have been increasing and people are (fortunately) living longer and therefore taking out more money. I wonder if the system has ever been adjusted for this. The problem could be due to faulty math rather than excessive births.
Fourth, I believe this attack on Social Security is really an attack on the boomers by Conservatives and reactionaries who seek to punish us boomers for the liberalism and radicalism of the 1960’s. In that era our generation tried to transform America, to create a society that befit our ideals as enshrined in the Declaration of Independence and the Constitution. It was a revolutionary decade marked by social upheavals the likes of which had not been seen in decades (since the 1930’s, in fact, the era when Social Security was started.) We have much to be proud of – the civil rights and women’s movements, opposition to war and imperialism, attempts to change the capitalist economic system to make it more humane and make it serve the needs of the people (instead of the other way around.) Etc.
So I believe the attack on Social Security is political. Plain and simple.