A majority of millennials think that the Social Security program is making more payments than it receives taxes, according to an exclusive Newsweek poll.

Millennials, Gen X and Gen Z say the system needs reform, an exclusive Newsweek poll found, amid fears the benefits won’t exist when they come to retire

Younger generations in the U.S., including millennials and Gen Zers, are much more likely to believe that the Social Security system needs reforming than those in their 60s and 70s, according to a recent survey conducted by Redfield & Wilton Strategies on behalf of Newsweek.

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Some 40 percent of respondents said they believe that the Social Security program currently pays out more to retirees than it is receiving in Social Security tax payments, while 26 percent disagreed with this statement.

Gen Zers (ages 18-26), millennials (ages 27-42) and Gen Xers (ages 43-58) were more likely than boomers (59 and older) to think that Social Security should be reformed.

  • Dead_or_Alive@lemmy.world
    73·
    10 months ago

    Not going to happen. The fed raised interest rates faster than most other currencies to curb inflation. The economy was running hot after the cash injection it took because of Covid. The dollar isn’t perfect but it is the worlds predominant currency for a number of reasons but predominantly it’s because it is the least terrible of all other choices.

    • shortwavesurfer
      24·
      10 months ago

      But that’s the problem. Inflation is still running higher than it should be. And the Fed is already talking about cutting rates which will drive inflation up again. If you take a look at gold and silver from the beginning of 2023 until the end of 2023, you will notice a roughly 10% rise in both on average. Bringing that down would take more time of high rates which we will not get.

      • Dead_or_Alive@lemmy.world
        31·
        10 months ago

        The Fed is trying to get ahead of the next crisis. As aggressively as they raised rates they are also backing off that rise.

        There are a lot of indicators that show high deflationary pressure in residential and commercial real estate, automotive and other manufacturing sectors. Commercial real estate alone has the potential to torpedo some major banks in a way that would make the tech sector banking crash look like a small speed bump.

        The Fed is probably going to keep rates where they are through most of 2024 unless those indicators get worse.

        There are no other major economies that are going to be able pick up the slack if the US dips into a recession. Congress is such a mess that it can’t be relied upon to fix itself. Rates is one of the major tools the Fed has to stop the next crisis and they won’t use it unless they have to.

        • shortwavesurfer
          21·
          10 months ago

          Yeah, commercial real estate could be a serious issue for the banks. A small amount of deflation is not a bad thing, although large amounts in a very short time definitely is. From what I am hearing, people expect the Fed to begin cutting rates as early as March or April, which definitely is not most of 2024. If the cuts are slower than what the raises were, we might be alright. But something makes me doubt that, because the Fed very much seems to lurch from one crisis to the next. Seems more like an out-of-control train than a well-controlled system.

          Edit: Not to mention that other central banks are buying of gold because of the US threatening to send Russia’s dollars to Ukraine. And therefore showing that dollars as reserves are not meant to be trusted and can be removed on a whim if it suits the US’s political agenda.