Thank you to the Washington Post for drawing attention to a serious economic threat facing millions of Americans (Retirement anxiety grows among young adults, October 22). It’s no wonder nearly four in 10 of those polled by the Pew Research Center are worried about their retirement—they should be.
Americans face a retirement deficit of $6.6 trillion dollars. That’s the gap between the retirement savings that American households have today and what they should have to maintain their standard of living. However, rather than look for ways to close this looming retirement deficit, many politicians in Washington hope to use our nation’s most successful programs, Social Security and Medicare, as piggy banks to pay down the debt.
Cutting already modest benefits for future generations still rocked by declining home values, unemployment, and stagnant wages ignores the economic reality looming for millions of hard-working Americans now and into their retirement years. Social Security and Medicare will be even more important for the recession generation; however, these are the same workers now being targeted for benefit cuts as part of a so-called “grand bargain”. The truth is this benefit cutting strategy is not grand, and it’s certainly no bargain for generations of workers who will need the guaranteed Social Security and Medicare benefits they’ve paid for throughout their working lives.
The National Committee to Preserve Social Security & Medicare
10 G Street, NE Suite 600
Washington, DC 20002