Screwed?

Bob Kerry writes,

Few if any candidates for federal office will tell you that as a consequence of current federal law, young Americans are being screwed in two life-changing ways.

First, under current law, every Social Security beneficiary under the age of 48 will have their promised benefits cut by a third. And second, every young person who works is contributing between $10,000 and $20,000 to the health care and retirement of those lucky Americans who are already drawing benefits under federal law.

In some ways the second screwing is worse than the first. Young workers do not have the defined benefit retirement programs commonly enjoyed by their grandparents, and if they do have health care through their jobs, their annual deductibles are probably greater than what their grandparents paid to have children and attend college.

…Third, recognize that we do not just need to fix Social Security so it is fair to all living generations. We need to agree on changes in Federal law that will ensure that all Americans have additional sources of non-employment income besides what they receive from the Federal Government.
If we do, the future of young Americans will become materially brighter. If we don’t, they will be doubly screwed.

Read more here.