By Dylan Lightfoot
“Social Security.” Those words just sound old, don’t they? Most college students only think of Social Security every few weeks on payday when Uncle Sam takes his share of what we’ve worked for. Most college students don’t think Social Security benefits will be available to them when they retire. Most college students don’t care.
But maybe we should.
We’ve all heard politicians say time and time again that Social Security is “a promise we’ve made to our seniors.” Every politician promises they will not endanger the Social Security program, but what does that mean? While there is no immediate threat to the system, it’s unclear how far into the future the program can maintain solvency.
How can we be assured that Social Security benefits will be available to our generation when we retire? Regardless of what some politicians might say, the government hasn’t really promised anything. In fact, the Supreme Court has ruled that just because you’ve paid taxes, you don’t have a legal claim to benefits.
Plans are being discussed right now that could have a tremendous impact on the future of Social Security and our ability to collect benefits. President Bush has introduced his plan, which would create private investment accounts for today’s younger workers. The plan is expensive, and there are still a number of questions that need to be addressed; however, the concept is intriguing.
I am 22. That means that I won’t be eligible to collect Social Security for 43 more years. Over those years the market is going to go up. Yes, there will be ups and downs, but in the long run the market always grows. On Jan. 1, 1962 (43 years ago), the Dow Jones closed at 724.71. On Dec. 31, 2004 the Dow Jones closed at 10,783.01. That’s a rise of 1,487.9 percent.
While our legislators are discussing other plans that do deserve attention (such as putting the money in a camouflaged lockbox and hiding the key under the bumper of the Senate Majority Leader’s car), Bush’s plan for private accounts deserves consideration, especially from our generation.
His plan calls for a major overhaul of a social program that has been in place for nearly 70 years, and the outcome of such legislation will have a tremendous impact on my life and yours. Pay attention over the next few months, folks – put down your Bud Light and take a minute to learn more about a major decision that is flying by you. It’s time we, as students, start working to build a better future – for ourselves, for our community and for our country.
