PrintOctober 9, 2010
Social Security: The New Class Struggle
Social Security has taken on the all the dimensions of a class struggle between the "haves" and the "have-nots." In this case, the young "have-nots" struggle against the power, wealth, and influence of the older "haves." The Social Security struggle is between generations, but it is the older Americans who have the advantage. It is the older Americans who have the money, the power and the influence. Just look at the money. According to the Federal Reserve, the median net worth for households headed by persons under aged 35 was $11,800 in 2007, while the median net worth for households headed by persons aged 64 through 74 was $239,400 (Survey of Consumer Finance). Younger families are paying Social Security taxes while trying to raise families. Those taxes go to pay benefits to older individuals who are, on average, twenty times wealthier. Unlike younger Americans, who have seen their incomes decline during the...(Read Full Article)
