First boomer applies for Social Security

The retired teacher from New Jersey is the first of her generation to seek benefits. People call it ‘the Silver Tsunami’ and it is an appropriate name because the Social Security trust fund is projected to go broke in 2041. President Bush had proposed changes to create private accounts, but it went nowhere in Congress. Bush’s budget director calls this a ‘fiscal train wreck’. The three entitlement programs make up nearly half of all federal spending, a share that is expected to grow.
A combination of benefit cuts and tax increases will need to be considered to permanently fix the Social Security shortfall.

In my opinion they had to take actions sooner. It wasn’t a secret that one day these baby-boomers, as they are called, would apply for Social Security. I think it’s an interesting and serious problem, certainly because this phenomenon occurs in several countries, even ours. I don’t understand why they didn’t take actions sooner since then, the problem has grown to an unseen climax. The fact that they want to raise the taxes is a negative thing, in my opinion, they don’t do nothing but adding to the problem.

Laura

Source: http://money.cnn.com/2007/10/16/pf/retirement/bc.apfn.boomersocialsecu.ap/index.htm?postversion=2007101610