By Tia Maria
Mainstream media often gets it wrong these days when covering Social Security. Details from current Democratic proposals to strengthen the program and Republican proposals for cuts, such as raising the retirement age, usually are lost in the verbiage of the overly confident, or are just ignored completely.
But young people will need their earned Social Security benefits perhaps even moreso than their parents and grandparents. One main reason is that previous generations relied on income from pensions in their retirement years. Today, pensions are rare and 401(k)s depend on Wall Street in a market subject to extreme volatilities. Think of 2000, 2008 and 2015. Add to this decades of tax cuts for the wealthy resulting in the inequality, poverty and homelessness we see today.
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