After watching the video Generational Theft regarding our nation’s debt situation and the impact of entitlements like Social Security and Medicare, consider our Saint Leo core values of responsible stewardship and community and answer the following questions:
1. What responsibility do we have as a society to help the elderly and disabled?
2. What potential changes could the federal government enact to help the viability of both programs?
What responsibility do we have as a society to help the elderly and disabled?
I believe that we (and by “we” I mean the people who are not retired or on a disability) should pay into a program such as Social Security and Medicare; however, I feel that these programs are outdated based on today’s living standards and incomes. In the video debate about these programs that support the elderly and disabled, John brings up a diagram displaying the changes in the number of people paying into Social Security compared to those drawing from the program (the elderly and disabled) over a period of time. From 1950 it was 16 workers contributing per retiree compared to today’s number of 2 paying per 1 retiree. Although there are many contributing factors to this such as people are living longer and more people are retiring than there were during the 1950’s.
But I also believe this relates to responsibility as a whole throughout the community back in the 1950’s compared to today’s generation. You could relate this to our Saint Leo core value of stewardship and community by thinking about the mindset the United States population had in the 1950’s and todays population. Back in the 50’s the people who were entering the work force and also the people who were retiring grew up through a time where everybody worked for their lifestyle choices. Back than people weren’t relying on the government to support them on their financial retirement as much as we do today. Today, our society has grown accustom to the idea that when we turn 65 our government and the workforce will support our lifestyle and we do not have to save our money while we work towards retirement as much as we probably should be. Today’s society needs to save for our future and not expect our government to buy us our remaining years after turning 65.
What potential changes could the federal government enact to help the viability of both programs?
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