Social Security Cuts are Indeed Unfair and Unreasonable

Social security is one of the major programs offered by the US federal government. The Social Security Act itself encompasses various programs such as benefits for those unemployed, retirement insurance benefits, the Medicare and the Medicaid. The primary goal of the act was to uplift and protect the social welfare of every American citizen. It is interesting to note that the program is considered the largest government program in the world being also the largest expenditure in the federal budget of America.

The program has been viewed as widely successful for years now and millions of Americans have already benefited from it. Just recently, the Social Security Program was being threatened by numerous politicians including the President himself. There have been extensive rumors about the impending benefit cuts and a change in retirement age policy. From 66, the proposed increase in retirement age is either at 67 or even at age 70. Previous benefits for retirement and unemployment are all in danger of being reduced or worst scrapped.

Politicians and lawmakers who favor these benefit cuts argue that the program itself is now experiencing crisis with its financial future going bleak. There is the assumption that the federal budget cannot fully shoulder the cost of the program and thus would need to cut on its cost resulting in benefit cuts. What they don’t realize is that the Social Security program actually has a trust fund which is estimated to last until the year 2037 or might even last for more years.
Financially, the program is self-sufficient and will not need any help from Congress.

Politicians also argue that the rapid increase in retired and unemployment individuals may also increase the overall cost of benefits offered by the program. Over the course of 20 years, the recent cost of these benefits that is about 4.8 percent of the GDP will significantly increase to 6.0%. It is intriguing to note that these politicians actually noticed the smaller increase in Social Security spending while ignoring the bigger increases in defense spending. The people need these benefits to survive especially at this time of crisis and economic turmoil.

The age 70 retirement policy isn’t viable at all. It may still be reasonable for those who work in comfortable office-related jobs. But imagine the millions of Americans who work in harsh working environments or those blue-collar workers. These cuts in Social Security will deeply affect most Americans in one way or another. In this time of economic recession, more and more Americans will suffer when these cuts will continue. There is a huge need for politicians and lawmakers to realize the real situation of its citizens and set their priorities right.