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The Upcoming Generational Steel Cage Match

Did you read the August jobs report from the Bureau of Labor Statistics? Me neither. But buried deep in the report, a recent Fiscal Times article noted, was a bad-news milestone that bodes ill for young Boomers and members of “Generation Z” — the next generation following the Millennials.

For the first time, single American adults outnumber married ones. More than 124 million of us, or 50.2%, are single. In 1976 that percentage stood at 37.4%.

The math on the new singles majority, especially if it grows in the future, is pretty simple: Fewer marriages mean fewer kids and, eventually, fewer taxpayers. So when the youngest Boomers turn 67 in 2031 — 17 years from now — and start collecting full Social Security benefits, there won’t be enough younger workers paying taxes into the system to support them unless this trend reverses itself or new immigrants make up the difference.

Inherent in all this is the potential for a generational conflict. Boomers won’t want to accept big cuts in their planned-upon benefits; and the working-age singles of 2031 — likely burdened with higher taxes and record student debt — won’t be able to afford an additional tax burden. 

What’s your solution to this problem? Use the comment box below.

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