There’s been a sustained campaign under way for several decades to persuade Americans that Social Security and Medicare are simply “unaffordable,” and that they’re doomed whether you like it or not.
Even though it’s nonsense, apparently it’s working.
Fewer than 15% of baby boomers now say they are “very confident” that Social Security will maintain benefits at current levels or better in the future, according to a new survey.
The figures are even lower among younger generations: Fewer than 14% of millennials are very confident that the program will maintain benefits, and fewer than 11% of Generation X. These numbers are swamped in each cohort, by factors of two, three or four to one, by those who are “not confident” at all.
The sentiment is similar regarding Medicare: At this stage more than half of Generation X—those born between 1965 and 1980—are “not confident” Medicare will persist in offering the same benefits it does today.
Read: ‘We were surprised in a good way.’ Hearing aids may cut dementia risk by half in older adults.
The numbers appear in a new report by the Employee Benefits and Retirement Institute, a well-regarded and nonpartisan research organization focused on both private retirement preparedness and the social safety net.
It’s another sign that marketing beats substance, time and again. There are actually no good reasons why either Social Security or Medicare should have to cut benefits. If this happens, it will be a deliberate policy choice. But the best way to persuade people to let it happen is to persuade them that it’s inevitable. Resistance is futile.
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.
Read: ‘There are so many caregivers and a lot of fragmented resources.’ These free videos may help.
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.
Many are giving money as well as a lot of time and energy. One way to measure the cost is to look at where that is leaving the caregivers in relation to their own lives.
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, and 60% more likely to say debt is a major problem. 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.
And retirees who are caregivers are 50% more likely than others to say that their lifestyle in retirement is worse than they expected.
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 More: Are Social Security and Medicare doomed? Someone wants you to think so.