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Image from Economist's View.
Social Security may be more important today than at any time in its existence. We have a population without pensions. Older people cannot rely on their families for support -- family relationships have changed and family members are much more likely to far from one another.
Then the Great Recession clobbered the savings of those most dependent on Social Security. The chart above shows the impact on savings of the Great Recession -- the collapse of house values, effects of unemployment, and the tanking of the stock market. For poor and middle income people, twenty years of savings disappeared.
What exactly do we expect those just retired and nearing retirement to do? Why do we think they should bear the sins of the regulators, bankers, and politicians that destroyed their savings? And why do we think the wealthy deserve tax cuts paid for by cutting Social Security?
We should be considering how much to increase Social Security benefits not how to cut them.
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