America has some serious policy choices to make, and pretending that seniors are living the high life on Social Security doesn’t clarify matters, especially as the claim is typically made by conservatives as a rationale to cut Social Security and Medicare benefits.
The figures on bankruptcy suggest that the opposite is necessary — expanding Social Security and increasing benefits to shore up retiree resources against the decline of personal savings and pension income. The guaranteed retirement accounts advocated by a number of retirement experts — personal accounts funded by workers and employers during their working years, supported by a tax credit and a government guarantee against loss of principal—are a promising option.
