Nov.
14th
Medicare and Social Security: Have and have-nots
This editorial will appear in tomorrow’s print edition.
A new report on the wealth gap between young and old Americans adds another argument for trimming Medicare and Social Security spending as Congress attempts to control its runaway spending.
After rummaging through reams of federal data, the Pew Research Center documented an immense and growing financial disparity between citizens older than 65 and citizens younger than 35.
The most startling number in the study had to do with net worth: A typical household headed someone of retirement age now has 47 times the wealth than a household headed by someone 35 or younger.
That’s apparently the largest gap ever. According to the center, it has doubled since 2005 and increased fivefold over the last 25 years.
That’s not the key issue, though. Older people in general are bound to possess more than younger people, who have only begun accumulating possessions and equity in their homes.
Read more »