Retiree Apathy

October 17, 2002

Jerry Heaster writes in the October 6th Kansas City Star, "A recent letter objecting to a column advocating personal Social Security accounts was a perfect example of why privatization is needed to protect younger Americans' stake in the system."

He continues, "The attitude implied by the letter was, 'Hey! Don't rock the boat! My generation has a good deal going, and you risk ruining it by pointing out the downside for younger generations.'"

Individual retirement accounts give younger workers the opportunity to increase the return they receive on their payroll taxes, and no such proposal has involved the possibility of current retirees losing any benefits.

Heaster also discusses the relationship of retirees to younger generations, "Judging from the tone of similar letters from older readers on this subject, many seem to fear privatization because they believe it'll someday hurt their benefits. This will never happen, but if it were even a remote possibility it still wouldn't justify today's Social Security beneficiaries opposing a reform that offers opportunities for their children and grandchildren to secure a better retirement."

Heaster argues that "the younger generation has kept the faith with its elders by shouldering rising tax burdens in the name of sustaining generous benefits. It's only fair that older Americans reciprocate by keeping an open mind about changing the system in a way that keeps the faith with younger American workers."

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