Greedy Geezers, Reconsidered | Robert Kuttner @ The American Prospect
Apart from the cause and cure of Social Security’s projected deficit, there was always one fallacy at the core of the greedy-geezers fable: The vast majority of the elderly are far from wealthy. The median income of elderly Americans in 2010 was just $25,704 for males and $15,072 for females. Almost two-thirds of the elderly depend on Social Security for at least 70 percent of their entire income.