Posted: November 4th, 2023

There are many areas of life that society tends to pay close attention

There are many areas of life that society tends to pay close attention to in regards of the future, areas such as technological advances, the safety of our environment, pollution and other categories are carefully measured by society. These are all vital components relative to the future; however, our economic growth in correlation to the future is also important or even more essential than the previous areas mentioned. We are steadily approaching the future and this upcoming generation is ready to enter the workforce and become part of the adult population, so it would be safe to make the assumption that America’s economic future is definitely an important area to look at. It is crucial to understand what our economic future holds with the demographic overload, the decline of government aiding programs such as Medicare or Social Security and plenty other resulting factors. Our generation wants to know what’s going to happen on an economical and financial standpoint, we want, or rather, we need to know if we will be able to have beneficial outcomes. If this same pattern continues, according to the authors of “The Coming Generational Storm: What you need to know about America’s Economic Future”,our generations and following generations to come will see a skyrocketing increase in tax rates, and surely lower health benefits and lower retirement rate. Who possibly still wants to work past a reasonable retirement age? Certainly not a large percentage of people want to in their lifetimes. That’s exactly why knowing and preparing for the future of America’s Economic situation is beyond important for our generation. Many people today have started to believe that Social Security will be a non-existent program years to come. Many believe that the Social Security program will be bankrupt by the time our generation enters the stage of retirement. According to Sheyna Steiner, the writer of the article titled “Will Social security be there when you need it” mentions that fellow American’s are not completely wrong for the fears they have in the decline of such programs issued by the government. There are primarily three factors that are causing this shortfall presented by Charles Blahous, author of “Social Security: The unfinished work”. The first factor is benefits are not paid from savings but by taxing younger generations, which is “Us” primarily; our generation takes the hit for that. The second comes from demographic changes as stated earlier, there is a decline in percentage of workers in the force this is due to the baby boomers who are now retiring and living longer. Third, people’s standards of living tend to increase over time; this occurs because of many factors, one example is the technological advancement that has been occurring in this generation. All of these factors are prime examples of why our generation needs to pay close attention to economic fluctuations within the society. Now how can this projected economic downturn potentially change into an uprising economic growth for our generation and those after? Alternative solutions such as reforming the Social Security and Medicare programs can definitely be a huge step in achieving this goal. Another major component that has been repeated again and again in classrooms, articles, scholarly journals etc. is to save, save and keep on saving, the earlier the better, especially for young adults that are coming out of college and entering the workforce, it is vital to save.

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