The Misconception of Social Security and Medicare

Over the past few decades, a relentless campaign has been waged to convince Americans that Social Security and Medicare are financially unsustainable. Shockingly, this misinformation seems to be gaining traction among the public.

A recent survey reveals that less than 15% of baby boomers have complete confidence in the future stability of Social Security. This lack of trust is even more pronounced among younger generations, with fewer than 14% of millennials and less than 11% of Generation X expressing confidence in the program’s ability to maintain its current benefits. Conversely, the majority of individuals within each cohort admit to having little to no confidence in these crucial safety nets.

The concerns about Medicare are equally disconcerting. A significant portion of Generation X, those born between 1965 and 1980, express doubt regarding the program’s ability to sustain its current benefits.

These distressing statistics are drawn from a comprehensive report by the Employee Benefits and Retirement Institute, an esteemed nonpartisan research organization focused on retirement preparedness and social safety nets.

It is disheartening to see how effective marketing tactics can overshadow the truth time and time again. In reality, there is no valid justification for slashing the benefits provided by Social Security or Medicare. Any reduction in benefits would be a deliberate policy decision based on choice, not necessity. However, persuading the public that such cuts are inevitable is the most effective method of ensuring compliance. Regrettably, resistance seems futile in the face of this relentless misinformation campaign.

The Hidden Toll of Unpaid Caregiving

Somewhat ironically, the numbers appear buried in a report about the devastating private costs borne by unpaid informal caregivers — costs that would skyrocket if Social Security and Medicare’s safety nets were cut back.

The Burden of Care

One American in five is already providing unpaid care for a family member, friend, or neighbor. And among them, a full two-thirds say it’s taking its toll on their mental and emotional health, and nearly three-fifths say it’s damaging their physical health.

The Cost of Caring

Many caregivers are giving money as well as a lot of time and energy. This financial cost can be measured by looking at the impact it has on the caregivers themselves.

• Those providing this kind of unpaid, informal care are 60% more likely than the rest of the population to have less than $1,000 in savings.
• They are also 60% more likely to say debt is a major problem.
• Additionally, they are 40% more likely to be struggling with nonmortgage debt.
• Over a quarter have had to borrow money from family or friends themselves to keep going, even while supporting someone vulnerable for no pay.

A Bleak Retirement

Retirees who are caregivers are 50% more likely than others to say that their lifestyle in retirement is worse than they expected.

The Invisible Burden

One of the worst aspects of this informal, unpaid caregiving is that it is largely invisible in the public debate. Those talking about cutting the social safety net for the middle class, allegedly “those who can afford it,” are actually just planning to transfer extra costs to middle-class taxpayers.

All of which means: Bad times ahead for many if the Resistance Is Futile campaign gets more traction.

Read: ‘There are so many caregivers and a lot of fragmented resources.’ These free videos may help.