If so many jobs were exported, why are we bringing in 1.2 million legal permanent immigrants a year and 700,000 guest workers annually on temporary work permits? We have 45 million foreign born in this country.
American workers and their employers pay in. Let’s say there were 10 American workers for each retiree. Now 7 or so of these workers are on exported jobs and neither they nor their employers pay in.
In 1950 there were 16 workers for every retiree; today there are 3; and by 2030 there will be two workers for every retiree. We have an aging society. 10,000 baby boomers retire daily and will continue to do so for the next 20 years. SS is going broke because it is a Ponzi scheme. Unless we raise taxes or decrease benefits, we won't be able to pay full benefits.
Neither Medicare nor Social Security can sustain projected long-run programs in full under currently scheduled financing, and legislative changes are necessary to avoid disruptive consequences for beneficiaries and taxpayers. If lawmakers take action sooner rather than later, more options and more time will be available to phase in changes so that the public has adequate time to prepare. Earlier action will also help elected officials minimize adverse impacts on vulnerable populations, including lower-income workers and people already dependent on program benefits.
Social Security and Medicare together accounted for 38 percent of federal expenditures in fiscal year 2012. Both programs will experience cost growth substantially in excess of GDP growth through the mid-2030s due to rapid population aging caused by the large baby-boom generation entering retirement and lower-birth-rate generations entering employment and, in the case of Medicare, to growth in expenditures per beneficiary exceeding growth in per capita GDP. In later years, projected costs expressed as a share of GDP trend up slowly for Medicare and are relatively flat for Social Security, reflecting very gradual population aging caused by increasing longevity and slower growth in per-beneficiary health care."
In 1970 the population of the US was 203 million; today it is 317 million, and by 2060 it will be 420 million. According to the projections, the population age 65 and older is expected to more than double between 2012 and 2060, from 43.1 million to 92.0 million.
The older population would represent just over one in five U.S. residents by the end of the period, up from one in seven today. The increase in the number of the “oldest old” would be even more dramatic — those 85 and older are projected to more than triple from 5.9 million to 18.2 million, reaching 4.3 percent of the total population