An analysis at D. Short, U.S. Household Incomes by Age Bracket: A Disappointing 21st Century So Far, DShort.Com (Sep. 23, 2011), shows an interesting trend in income by age in America.
The chart is scary because it indicates that the older generation is the only age group whose income is stable or increasing. The rest of the Americans face declining income. The writer correctly surmises that the additional Social Security Retirement income is the difference favoring the older demographic.
The Social Security Retirement system cannot continue on its current course. The cost of maintaining it falls disproportionately upon the younger Americans. They cannot opt out, and must contribute more and more of their income to taxes to pay for supporting the older demographic. Yet, the older demographic is the only demographic with income increase.
Because of the class inequities caused by the Social Security Retirement system, this kind of disparity cannot last. It will eventually lead to revolt by the young people. Changes must be made soon if politicians really want to save the system from a complete collapse.
The chart is scary because it indicates that the older generation is the only age group whose income is stable or increasing. The rest of the Americans face declining income. The writer correctly surmises that the additional Social Security Retirement income is the difference favoring the older demographic.
The Social Security Retirement system cannot continue on its current course. The cost of maintaining it falls disproportionately upon the younger Americans. They cannot opt out, and must contribute more and more of their income to taxes to pay for supporting the older demographic. Yet, the older demographic is the only demographic with income increase.
Because of the class inequities caused by the Social Security Retirement system, this kind of disparity cannot last. It will eventually lead to revolt by the young people. Changes must be made soon if politicians really want to save the system from a complete collapse.
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