Social Security Marks 75th Anniversary

Who’s really benefitting from Social Security today?
 
Roughly 53 million Americans and 230,000 Nevadans rely on Social Security—having earned the benefit over a lifetime of hard work and contributions. Widows, widowers and their children also rely on Social Security when a major family breadwinner dies unexpectedly but has paid into the Social Security system. Social Security is a uniquely American institution and one of the most successful government programs in the history of our nation.

The program is not a welfare program, though it is a lifeline for many. According to 2005 data, Social Security is the sole source of income for 1 in 5 Nevadans. The monthly checks put food on the table and help pay the rent. According to the Center for Budget and Policy Priorities, fully 46.8 percent of all seniors would fall below the poverty line without the program. With the program, only 8.7 percent of older adults live in poverty.

Why all the worry about solvency for the program?

Although Social Security can pay out full benefits for the next 27+ years with no changes to the program, that just isn’t good enough. We need to make some modest changes to ensure future generations who are paying now can collect on the benefits they’ve earned.

One big challenge that Social Security faces is a crisis of confidence in the program. For too long, the public has heard some politicians say that benefits won’t be there when they need them.

The truth is that Social Security is more essential now than ever before, because other aspects of retirement security are disappearing.

Consider this. Only half the workforce is enrolled in any pension or retirement savings plan. 401k’s have lost significant value in the current recession and home equity has plunged. Job security is vanishing as companies try to do more with less.

Challenge of Priorities

While we celebrate the 75th Anniversary of Social Security, and the positive impact the program has had on the lives of everyday Americans, we need to keep in mind what’s important in the coming debate on the program’s future.

Any changes should strengthen the program for the benefit of future generations. Changes must be fair. We must ensure that taxpayers get what they pay into Social Security, and that the benefit keeps up with inflation. These priorities are simple and in keeping with the original goals of the program.

With a bit of effort, we can make sure that future generations get their fair share of this national treasure.
… Back to Article