For Baby Boomers, Just How Secure Is Social Security?

By Francis, David R. | The Christian Science Monitor, January 24, 1992 | Go to article overview

For Baby Boomers, Just How Secure Is Social Security?


Francis, David R., The Christian Science Monitor


WHEN Dorcas Hardy refers to the Social Security system in the United States she calls it "social insecurity."

The former commissioner of Social Security has been traipsing around the country promoting her book, titled "Social Insecurity: The Crisis in America's Social Security System and How to Plan Now for Your Own Financial Survival" (Villard Books, New York). The theme of the book is that the system will be "in serious trouble soon after the start of the 21st century."

That's not what some other former Social Security commissioners say. They maintain people can count on getting their pensions.

Asked in an interview whether she was alarmist, a technique some writers use to sell financial books, Ms. Hardy replied: "No, I don't think so. Nor do I believe that I am saying anything different than when I was commissioner."

She wrote the book with her father, C. Colburn Hardy, who has written 27 books in the financial area.

Pressed a bit, Hardy admits that the system won't go bankrupt. "That's not true," she says. "The government will not break that contract entirely."

Nonetheless, she argues that between 2010 and 2020 when the baby-boom generation retires, the tax burden on the working generation will be such that benefits will have to be cut in some way. The age of retirement with full benefits will be advanced. Or the amount of payments will be reduced from the present level. Or Social Security taxes will be raised. Or taxes on Social Security benefits will be increased.

So, she advises baby boomers, "Go home and save and save and save."

That may be good advice, but not necessarily because the Social Security system is in grave danger. It is probably the most popular social measure in the country, and not just among pensioners. Any politician who seriously damages that system is not likely to survive at the polls.

Analysis of the soundness of the Social Security system depends not only on actuaries assessing the demographics; it hangs on economic assumptions. Will economic growth and productivity step up their pace in the next 20 years? If so, the working population will be better able to afford the taxes that pay for the pensions of the retired. …

The rest of this article is only available to active members of Questia

Already a member? Log in now.

Notes for this article

Add a new note
If you are trying to select text to create highlights or citations, remember that you must now click or tap on the first word, and then click or tap on the last word.
One moment ...
Default project is now your active project.
Project items

Items saved from this article

This article has been saved
Highlights (0)
Some of your highlights are legacy items.

Highlights saved before July 30, 2012 will not be displayed on their respective source pages.

You can easily re-create the highlights by opening the book page or article, selecting the text, and clicking “Highlight.”

Citations (0)
Some of your citations are legacy items.

Any citation created before July 30, 2012 will labeled as a “Cited page.” New citations will be saved as cited passages, pages or articles.

We also added the ability to view new citations from your projects or the book or article where you created them.

Notes (0)
Bookmarks (0)

You have no saved items from this article

Project items include:
  • Saved book/article
  • Highlights
  • Quotes/citations
  • Notes
  • Bookmarks
Notes
Cite this article

Cited article

Style
Citations are available only to our active members.
Buy instant access to cite pages or passages in MLA, APA and Chicago citation styles.

(Einhorn, 1992, p. 25)

(Einhorn 25)

1. Lois J. Einhorn, Abraham Lincoln, the Orator: Penetrating the Lincoln Legend (Westport, CT: Greenwood Press, 1992), 25, http://www.questia.com/read/27419298.

Cited article

For Baby Boomers, Just How Secure Is Social Security?
Settings

Settings

Typeface
Text size Smaller Larger Reset View mode
Search within

Search within this article

Look up

Look up a word

  • Dictionary
  • Thesaurus
Please submit a word or phrase above.
Print this page

Print this page

Why can't I print more than one page at a time?

Help
Full screen

matching results for page

    Questia reader help

    How to highlight and cite specific passages

    1. Click or tap the first word you want to select.
    2. Click or tap the last word you want to select, and you’ll see everything in between get selected.
    3. You’ll then get a menu of options like creating a highlight or a citation from that passage of text.

    OK, got it!

    Cited passage

    Style
    Citations are available only to our active members.
    Buy instant access to cite pages or passages in MLA, APA and Chicago citation styles.

    "Portraying himself as an honest, ordinary person helped Lincoln identify with his audiences." (Einhorn, 1992, p. 25).

    "Portraying himself as an honest, ordinary person helped Lincoln identify with his audiences." (Einhorn 25)

    "Portraying himself as an honest, ordinary person helped Lincoln identify with his audiences."1

    1. Lois J. Einhorn, Abraham Lincoln, the Orator: Penetrating the Lincoln Legend (Westport, CT: Greenwood Press, 1992), 25, http://www.questia.com/read/27419298.

    Cited passage

    Thanks for trying Questia!

    Please continue trying out our research tools, but please note, full functionality is available only to our active members.

    Your work will be lost once you leave this Web page.

    Buy instant access to save your work.

    Already a member? Log in now.

    Author Advanced search

    Oops!

    An unknown error has occurred. Please click the button below to reload the page. If the problem persists, please try again in a little while.