a g u y a CCollegian THE
Cayuga Community College’s Only Student Newspaper
Vol. 53 Issue 6 March 14, 2005
Social Security Overhaul? What? -Josh Cradduck, Editor-in-chief
CCC Gathers Tsunami Aid Although the Asian tsunami of December 26 occurred while Cayuga Community College was closed for the holidays, and classes didn’t resume until nearly a month later, the college community still wanted to do its part to help. Several student clubs contributed their time and fund-raising proceeds, including UNITED, Phi Beta Lambda, the Early Childhood
Club, and the Fulton Literary Club. As of the end of February, campus collections totaled $1,152 for the Tsunami Relief Fund of the International Red Cross. This amount was in addition to donations that college students, faculty, and staff had already given for tsunami relief in the days immediately following the disaster.
DEADLINES FOR SCHOLARSHIPS APPROACHING The Cayuga County Community College Foundation receives and administers all private gifts intended for the College, its programs, and its students. These gifts often provide the financial assistance Cayuga students need to realize their educational goals. Through sound investment policies and the generosity of Cayuga Community College friends, nearly 350 awards are presented to deserving students each year. We proudly report that more than $275,000 will be distributed in 2005/ 2006 to students based on academic ability and/or financial need. The following scholarships have approaching application deadlines. Students can obtain applications from the college website: http:// www.cayuga-cc.edu/admissions/ finaid/scholarships/formal_app.php or from the Financial Aid office in Auburn and Fulton and the Cayuga County Community College Foundation office in Auburn.
March 31 deadline: ACC/CCC Alumni Association Scholarships
April 15 deadline: Cayuga County Home Bureau Scholarships
May 1 deadline: Auburn Players Community Theatre Scholarship Auburn Steel/Nucor Steel Auburn, Inc. Scholarships Donald P. Blaisdell EAP Scholarship Cayuga Bank Employee Memorial Scholarship Joseph S. Fleszar Memorial Scholarship Elizabeth Curtin Fox Memorial Scholarship Mr. & Mrs. Joseph P. Ganey Business Scholarship Ryan L. Hart Memorial Scholarship Highland Park Golf Club Scholarship Holy Family High School Alumni Scholarship Helen C, Mahon/Zonta Club of Auburn Scholarship St. Alphonsus School Scholarship Ralph W. Standbrook Scholarship Ward Family Scholarship Jacqueline Kellogg Wise Memorial Scholarships
May 10 deadline: Honor Scholarships – Sophomore
June 1 deadline: Knight Foundation Scholarships
July 15 deadline: Fulton Savings Bank Scholarship
With tests, papers, projects and the typical social life, college students probably don’t have the pending “crisis” of Social Security on top of their priority charts. Heck, finding time to take a break for lunch is becoming a hassle for some. Regardless, there is a debate brewing and it will, in one way or another, affect this generation’s financial future. Is Bush’s proposed overhaul necessary at this time? If nothing is done, will future generations pay (quite literally) the price? How does this affect your typical college student in the future? The decade of the 1930s found America facing the worst economic crisis in its modern history. Millions of people were unemployed, two million adults wandered aimlessly around the country, banks and businesses failed and the majority of the elderly in America lived in dependency. These circumstances led to many calls for change. On June 8, 1934, President Franklin Roosevelt (Democrat) announced his intention to provide a program entitled ‘Social Security,’ a comprehensive package of protection for retirement. This would be the largest and most recognizable part of his “New Deal.” However, times change. According to President Bush, if Social Security is not changed, payroll taxes will have to be increased, the benefits of today’s younger workers will have to be cut, or massive transfers from general revenues will be required. The President states that in 2042, the system will go “bankrupt.” Why? Well, due in part to the fact that people today are now living much longer than in the “Greatest Generation” time period. As part of the overhaul, Bush has proposed allowing workers to divert a large portion of their payroll taxes into personal investments for the stock market. According to an interview on CBS’s Face the Nation, Sen.
Rick Santorum (R-Pa.) states that making up the difference, however, could cost $1.5 to $2 trillion. Bush has not said how the transition costs would be funded. Regardless, Santorum stated: “…spending up to $2 trillion now would save up to $11 trillion in long-term liabilities, and is a wise investment.” Those that like the current system argue it shouldn’t be changed and believe the system isn’t broken and that any change necessary can be resolved by increasing a payroll tax. According to Democrats and many Republicans, even under the most optimistic thinking, private accounts will never provide benefits equaling what Social Security offers today. While the private accounts are voluntary, the drastic benefit cuts that the President is proposing obviously would not be, and it could eliminate guarenteed benefits that many future adults will depend on. The facts and statistics are endless. People who represent both sides could draw up fancy charts and show us the terrible consequences of the others plan. Is a change necessary? Well, according to a recent CNN/USA Today poll, only 35% of those surveyed approved of Bush’s proposed overhaul of the system, while 56% disapproved and 9% had no opinion. Will it effect you? Well, that’s for you to decide. . .
Let us know your opinion! E-mail us at collegian@cayuga-cc.edu
Your response will likely be put in the paper.