Today, there are some 40 million people in the US who are 65 or older. That’s 13% of the total population, and about 25% of the adult population. That number will double to 80 million by 2030, while the total US population, according to the Census Bureau, is expected to rise by only 13% to 358 million by then. This means that the retirement-age elderly that year will constitute nearly 25% of the population, instead of just half that share as they do today.
Inevitably, Americans will start to look abroad and discover that in European countries, employers are paying into those nations’ social security schemes taxes equal to 17-30% of payroll, compared to the measly 6.2% FICA tax paid by US employers.They will also see that in European countries, public social security typically is the only retirement funding people have, and that it doesn’t leave them in or on the edge of poverty, but rather allows them to continue their pre-retirement standard of living.They will also notice that this is being accomplished without making these countries “uncompetitive in world markets” ~ the common cautionary cry of the corporate leadership in America.
The more the politicians and their corporate paymasters seek to attack Social Security, the broader and more powerful the progressive defenders will become, for this is a battle that affects every worker in America.