Safety Net: June 5, 2018

Dear Mr. VP,

In a report released today, the trustees of the Social Security program reported that benefits will need to be cut by 21% in 2034 unless long-term funding is shored up.

Cool. So, my parents will be 78ish at that point, probably drawing Social Security checks. Meanwhile, a new study put out by the Federal Reserve indicates that Eighties babies (HEY! That’s me!) are officially the “brokest generation.”

“As of 2016, the median net worth of those born around the Reagan years was 34 percent lower than what past trends would predict for their age group.”

I wonder how it’s going to work out when my broke generation tries to take care of their benefits-slashed-and-now-broke parents.

I suppose the good news is we’ll probably be saved from this eventuality by the more pressing issue of a nuclear winter.



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