According to Jeff Sommer, writing in his "Strategies" column in The New York Times, "Social Security is the most valuable thing most Americans have."
Sommer doesn't mean this in any "abstract" way, either. Except for those in the top ten percent of wealth distribution in the United States, Social Security amounts to roughly one-third of their total wealth. In order to understand how this is true, it's necessary to calculate the "present value" of future cash flows. Those who go to business school are explicitly taught how to do this. You and me? We probably only vaguely understand the concept.
You can certainly hazard the paywall that is probably going to block your access to Sommer's column, to try to find out more. You might also want to click this link to get some additional instruction on "present value."
The point that Sommer wants to make is that our Social Security System is now significantly at risk, and that Congress (and the president) need to take action, which will require increased taxes.
If you're getting the picture, as I hope you are, you will understand that our individul "most valuable asset" is valuable because we have, collectively, pooled our economic assets to provide "social" security. Most people don't think that our Social Security System is "socialist," or "communist." They think it's as "American" as sliced bread. That's what I think, and I'm in favor of doubling down!
As I often say, "we're in this together." That's the "political" formula that undergirds the Social Security System, and that makes it possible for each of us, individually, to face old age with some sense of assurance.
It's not too early to start letting your elected representatives know that you want our government to secure the long term economic viability of Social Security. In fact, a budget reconciliation / government shutdown crossroads is coming right up, as the newspapers are beginning to tell us.
No better time than now to secure Social Security for the longterm future - for you, and for me, and for the nation as a whole!
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