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Today’s workers will not long be able to sustain the Social Security pay-outs for our retired citizens, who are living substantially longer—almost 15 years longer—than when Social Security was initially implemented. To compound this issue, the workforce has been decreasing in number. In a radio address to the nation in 2005, President Bush explained:
Because Social Security was created as a pay-as-you-go system, current retirees are supported by taxes paid by current workers. Unfortunately, the ratio of workers to retirees is falling steadily. In the 1950s, there were about 16 workers paying in for each person drawing out. Today, about three workers pay in for every beneficiary. And by the time today's workers in their mid 20s begin to retire, there will be just over two.
What this means is that in the year 2018, the system will go into the red—paying out more in benefits each year than it receives in payroll taxes. After that, the shortfalls will grow larger until 2042, when the whole system will be bankrupt.
As stated above, the average age of our citizens has increased greatly since the inception of the Social Security program. Therefore, people require their Social Security benefits for many more years. However, the birthrate has been decreasing over the past 34 years, leaving fewer working contributors to the Social Security system. We have lost 45 million lives since abortion was legalized in 1973; of those, almost 20 million would be productive, working citizens today.
Prior to 1973, there were about 4 million pregnancies each year, most of which resulted in live births. After Roe v. Wade legalized abortion, there were still 4 million pregnancies, but about one-third of those children were aborted. This change brought the total fertility rate (TFR: the number of children a woman has over the course of her lifetime) from about 3 down to 2, which is below the replacement rate of 2.1.
The Social Security trustees have said that with each 1/10th point increase in TFR, Social Security remains solvent for 3 more years. The TFR dropped one full point the year after abortion was legalized, decreasing the solvency of the program by 30 years.
In addition to the harm to babies and women, abortion has also led to many other problems. With such a harsh decline in our population, we now do not have a robust workforce to support the Social Security system. We must promote a culture in which families and children are welcomed and encouraged. Children enrich our lives and add great wealth to our communities—and our workforce!