Social Security, signed into law by President Franklin Roosevelt in 1935, was created to insure that our seniors can live in dignity without fear of poverty. Workers pay into a fund during their prime years, then get regular payments back when they stop working.
It is useful when understanding a subject, to examine the name of that subject. By providing security to individuals in their later years, the program was designed to provide greater security to society itself. We all benefit from knowing that there is a basic floor of needs met for those in later and less advantaged stages of life.
Social Security has worked well for generations to reduce poverty among seniors and the disabled. It is under attack today by Wall Street banks and related financial “service” entities who want to privatize it for no other reason than to tap into another new and huge source of income and bonuses.
To that end, opponents of Social Security have claimed over the last few years that it is running out of money soon. It is true that there could be problems with Social Security funding down the line, but they are quite easily solved by making modest changes, such as raising the cap on income subject to Social Security payroll tax. That simple modification can keep the system solvent indefinitely, without reducing benefits.
Under no circumstances should we put Social Security at risk. We need to protect this successful and compassionate program that retiring Americans have relied on for nearly eighty-five years.