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About Oregon daily emerald. (Eugene, Or.) 1920-2012 | View Entire Issue (Jan. 7, 2000)
Solutions for Social Security ■hile Social Security might not seem like an issue that affects the average student, it does. Social Security affects everyone. Our loved ones, par ents, grandparents, children and our own futures. It is an issue that will continue to affect all Ameri cans well into the future. Plain and simply, Social Security should be there to guarantee full benefits for future generations, just as it has in the past. I recently attended a national training session sponsored by the U.S. Student Association, the na tion’s oldest and largest student organization, and the 2030 Cen ter, a public policy institute for young adults. Here, more than 60 young leaders and activists from across the country came together to develop national strategy for young people to muse on Social Security. In order to understand the de bate around Social Security, we first need to look at the basics of the program. Social Security is a universal social insurance pro gram that protects workers and their families against the loss of earnings that occurs when a worker retires, dies or becomes disabled. Started in 1937, the sys tem now provides benefit pay ments to 44 million Americans per month and collects taxes from 150 million workers. Social Security is funded through payroll taxes. It’s a “pay as-you-go” system because to day’s contributions are paying for today’s recipients. This system provides benefits that are lifelong, guaranteed and protected against inflation. We’re all involved in the system — hav ing grandparents or parents who are recipients, paying into the sys tem or receiving benefits our selves. Social Security is a very impor tant source of retirement income, and it is also the most effective anti-poverty program in our histo While Social Security should guarantee full benefits for future generations, it faces a financial shortfall over the long term — and most young people don’t think it will be there when they need it. Commentary C.J. _Gabbe Politicians who won’t commit to protecting full benefits for future generations are jeopardizing the financial security of all Ameri cans. Politicians who want to pri vatize Social Security will ulti mately destroy this guarantee by diverting money it needs to pay full benefits. While some people believe that Social Security is on the verge of bankruptcy, the current system is solvent until at least 2034, accord ing to current projections. At this point, the system would only be able to pay about 75 percent of full benefits. There are several ways that we can extend the life of Social Security and guarantee full benefits well into the future. Social Security has never missed a paycheck, and it never has to — if Congress will act now. Full benefits can be guaranteed for all Americans if Congress will take steps to extend the life of the Trust Fund by making payroll taxes fair and using the budget surplus to protect Social Security. Currently, workers are not taxed on earnings more than $72,600. That means that a worker making $72,600 pays the exact same So cial Security taxes as one making $250,000. Not only is this unfair, but raising the cap would add years of solvency to the Social Se curity Trust Fund. We can also make sure Congress prioritizes the budget surplus to protect So cial Security. Social Security should be protected now because young people deserve to know that Social Security will be there when they need it. Privatization has been intro duced as a possible way of solv ing the perceived Social Security crisis. However the proposals that would create individual accounts for workers cause more problems than they would solve. This would require young workers to invest most or all of their Social Security contribu tions in the stock market and oth er investments. Not only would this destroy the current system that guarantees benefits to work ers, but it would also be risky. In addition, this gives people from more privileged backgrounds an advantage because they have had more experience with invest ments and money management than the typical working class or lower-income American. Some Americans will benefit greatly from privatization, but most oth ers will be left in the dust. Recent privatization proposals would also raise the retirement ages for Americans well beyond 70, cut disability benefits, in creased payroll taxes and increase the federal deficit. This is unac ceptable. Social Security was nev er created as the only program for those who retire, become disabled or lose a loved one. It was de signed to be a supplement to re tirement plans and private insur ance, and a safety net for those in need. Studies show that young peo ple are not apathetic about the So cial Security system. A poll con ducted in May by the Peter Hart Research Associates revealed that among 18- to 34-year-olds, strengthening and protecting So cial Security was a key priority. Eighty-six percent of those polled said Congress should not cut ben efits or raise the retirement age for the purpose of funding individual investment accounts, while an additional seventy-three percent said that Social Security “can work for young people when they retire if Congress will strengthen the system’s finances.” We’re all involved in the sys tem, and we can all be involved in the effort to strengthen Social Se curity. Students on this campus and students around the country are getting ready to be involved in the effort. If you’re interested in finding out more information or ways you can help the national ef fort, please contact me (cgabbe@gladstone. uoregon.edu) or the 2030 Center (www.2030.org). It’s our future — and it’s up to us to make a differ ence. C.J. Gabbe is the regional director for the U.S. Student Association. His views do not necessarily represent those of the Emerald. PETER JENNINGS SMS IT’S OKM TO COME OUT TO WATCH THE rose bowl.. DfHVORATeP1 VflVEETA CANNED CATFISH going overseas? catch the Oregon daily emerald on the world wide web: www.dailyemerald.com 0007307 eoW« tieiTioSay* the BlZ U*»"*and sonw 800(1 e: She’ll give 7»u a 'wr Dinner; 5:30-7:00 Performance: 7-9:00 Place: EMU Ballroom Ticket Price: $9 MU T»cM : Office or at the < lese Student Organ nation br e-mail j50@glad5tone.ui Tickets avaiiabl Presented by UO Questions? 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