Generation X

May 19^th 2015

A short article in the business section of the AJC discussed the future of generation X'ers  as they approach retirement. Many have large student loan debt, very little savings, and there isn't much hope of employers providing a pension to help them as they age. Our frugal employment structure today, and the reluctance of a conservative congress to fund Social Security and Medicare, provides a gloomy picture for these young people. They will be the first generation to experience a drop in living standards relative to their parents.

In the mean time a small percentage of Americans are seeing huge gains in their wealth as stock markets surge and tax rates remain low. The earlier balance of wealth creation that allowed most people to participate in the American Dream has shifted. Many are denied the basics that may thrust them into poverty as we neglect the principles that made this nation great.

Surely we can enact reasonable policies to avert  this impending collapse of our system. Removing the cap on social security earnings would be a start to ensure the fund is viable to help these young people as they approach retirement. Reforming our tax system to ensure rich people don't grow their wealth at the expense of the rest of the country would cure a lot of ills. Providing incentives to employers to provide pension plans for their employees would be a major help. Increasing the minimum wage to a level that provides security for workers would stimulate the economy and encourage savings for the future.

Unfortunately these ideas require soul searching  by those elected officials who seem bent on austerity regardless of the results. The trickle down concept they are still relying on has proven false time and time again. We really need courage and new thinking to rebuild the country  for everyone, not just the privileged few.