The Myth of Subsidizing Seniors and Neglecting Future Generations
Recent articles in major publications have been perpetuating the idea that America is favoring its seniors at the expense of future generations. These articles argue that the country is spending disproportionately on elderly citizens, leaving less resources for children and young people. However, this narrative is misleading and based on false assumptions.
An Old Meme: The Undeserving Poor
These articles are essentially variations of the “undeserving poor” meme, which portrays recipients of government assistance as lazy and burdensome. In this case, the focus is on “the undeserving old.” The underlying message is that the powerful seniors’ lobby is depriving younger generations of necessary support and resources.
The False Choice of Spending
One common argument made by these articles is that spending on Social Security and Medicare is crowding out spending on children. They claim that the country is facing a fiscal zero-sum game, where resources allocated to seniors come at the expense of the younger population. However, this is a political choice, not an economic inevitability. The truth is that America has more than enough resources to meet the needs of all generations.
A Case Study: The Child Tax Credit
One example that highlights this point is the Child Tax Credit. The recent enhancements to this credit, implemented as part of the American Rescue Plan, successfully reduced child poverty in America. However, when Congress failed to extend these enhancements, the child poverty rate increased. This demonstrates that the problem lies not in the lack of resources, but in the choices made by those in power.
A Moral Test, Not an Economic One
The idea that spending on seniors directly hinders spending on children is a moral test, not an economic reality. Economist Dean Baker points out that young people are not actually subsidizing the benefits of their elders. Social Security is not a burden on the federal budget, as it lends money to the government through interest-bearing Treasury securities. The notion that seniors are draining resources from younger generations is a misguided narrative.
The Real Culprit: Inequality
The focus on a generational war distracts from the real issue at hand: economic inequality. The true divide is between the wealthy few and the majority of Americans. The 1% perpetuate this narrative to maintain their hold on power and wealth. As long as politicians and the media buy into this false narrative, the rich will continue to benefit at the expense of the rest of society.
In conclusion, the idea of a generational war in America is a myth. It is a diversion from the real problem of inequality and the concentration of wealth. The country has more than enough resources to support all generations, but it is the choices made by those in power that determine how these resources are allocated. It’s time to shift the focus from generational conflict to addressing the root causes of inequality and ensuring a fair and equitable society for all.