In the past, Social Security recipients have received a yearly “cost of living” increase. However, it is going to be different this year as the Social Security program continues to struggle. With only 22% of young adults believing that Social Security will survive until their retirement, and 69% of people not believing the program will be able to pay their benefits, why should the youth of America continue to pay for the entitlement program? Fox News Contributor Andrea Tantaros joined Varney & Co. this morning to discuss the issue.
“I’m getting ripped off. My generation is getting ripped off,” said Tantaros. “We are paying fully into the system and we’re not going to get full benefits.”
The GOP has argued that increased life expectancy, flat revenue, and baby boomer retirement are draining the fund. According to the director of the nonpartisan Congressional Budget Office, the deficit for Social Security’s trust funds will reach $77 billion in 2020.
“Social Security is already running deficits,” said Tantaros. “It is largely caused by a depressed job market, so if you look at DC, if they keep putting forth these policies that are going to affect the job market, they are affecting Social Security.”
As the 75-year-old program inches closer and closer to destruction, what can be done? “We have to move to some kind of defined benefit contribution,” said Tantaros. And according to her, it should happen now.