Social Security (or a future lack of it) has been on the minds of Gen-X lately and 76 million Baby Boomers are to blame for the bleak picture. But Dave Lindorff writes in The American Prospect "...baby boomers, if united, have the numbers and the political clout to guard -- and even improve -- Social Security."
"...the sooner boomers realize that thanks to their growing political clout Social Security will be whatever they want it to be in years to come, the sooner they can rally to improve its financial condition, the easier needed reforms will be and the more they'll be able to demand from the system in the future. (Example: In 2042, it would take a 49 percent increase in the payroll tax to fund the projected benefits shortfall. Today, a tiny 1.9 percent rise in the payroll tax, split between employer and employee, would fund the system fully through 2075.) "
"Says Tom Hayden, a founder of Students for a Democratic Society and now a grizzled member of the California legislature: "'60s people were tempted, under [Bill] Clinton, to buy into the conservative warnings that Social Security might go bankrupt, and that maybe it should be privatized. But with the recent Enron scandals, I think perhaps they're getting religion regarding Social Security. I think that generation will be inclined now to fight to preserve it. At 63, I'm probably one of the oldest of the '60s generation, and I'm certainly starting to think about my Social Security retirement benefits."
And then, there's always the gloomy outlook for stocks... Newsday's Susan Harrigan writes "...some experts say the next generation, which numbers 10 million fewer than the boomers, will be unable to absorb all the investments sold by retiring boomers, causing prices to fall. The stock market began rising again last year after a three-year slump."
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