About 3 months ago I brought you a 5 parts series on the basics of the Social Security system.
It was my rather feeble attempt to simplify and uncomplicate this massive and complex government program for you.
At the time, I made reference to the dismal future of Social Security finances, especially the state of the funds available to retirees starting in 2030.
In it's current state and at the present rate of depletion, the financial platform will reach a point where the system will only be able to handle 75% of claims.
That's a disparaging thought especially to the generations following us Baby Boomers.
Believe it or not, I am going to bring you some refreshing and positive news from an article posted by Janet Novack, in Forbes magazine.
Janet is the Washington D.C. Bureau Chief for Forbes and has worked in the bureau for more than two decades
The results of a recent poll by the Pew Research Center indicates that, not only Baby Boomers, but Gen Xers and Millennials all support measures to increase taxes to protect the future of the Social Security system.
Do you know what that means?
In a nutshell, the majority of wage earners in the US would rather pay higher taxes and take on more of a financial burden to keep Social Security, in it's present form afloat.
Here's what Janet has reported:
Poll after poll shows that Americans are more politically polarized than in any time in recent history, but not when it comes to Social Security.
Even among those who identify themselves as “consistently conservative,” 59% now oppose any benefit cuts, and as many (12%) favor increasing benefits as phasing it out as a government program, the Pew Research Center reported recently.
It’s hard to believe that just a decade ago, a newly reelected President George W. Bush declared he intended to spend some of his “political capital” by pushing for the partial privatization of Social Security.
Just as remarkable, support for Social Security spans not only across the political spectrum, but the generations.
While half of younger folks say they believe they’ll never get any Social Security benefits, 61% of Millennials and 67% of Gen Xers oppose any cuts.