The 80th anniversary of the signing of the Social Security Act of 1935 by President Franklin D. Roosevelt is Friday, August 14. It is the essential promise that in our great country, a future of security and dignity will be there for every family. But in placing the entire burden of insecurity upon the workers and industry, to the exclusion of the well-to-do in the nation, the present social-security bill violates the most essential modern principles of social insurance.
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Preserving Social Security is a continuing concern in an increasingly aging America. Such victories paved the way for the eventual signing of the Social Security Act. If they want to lead the county, they need to lead on this issue.
Mike Tomasko/AARP ND Volunteer State President, “What’s important about social security is that over the years, since it’s founding to 2035, there have been tweaks to it and the government does that”. Social Security’s problems are arithmetic and political in nature.
Americans are also living longer.
The 2015 Retirement Confidence Survey from the Employee Benefit Research Institute is out, and it shows the usual: hardly anyone thinks that Social Security benefits will remain stable in the future. The details of exactly how much you might receive and what you might have to pay in taxes in order to get coverage aren’t set in stone, yet although you therefore won’t be able to do a penny-for-penny analysis of your financial situation, you can figure that Social Security will provide some help during your retirement.
The bottom line is that Social Security needs reforms to improve its outlook and to change the risky fiscal trajectory. If Congress allows that to happen, it will trigger an automatic 19 percent cut in benefits to the 11 million people who receive Social Security disability.
We consider an adult disabled under our rules if he or she has a medical condition, or combination of medical conditions, that are expected to last for at least one year or result in death, and that prevent the performance of any type of work.
What this means, in turn, is that the eventual Republican nominee – assuming that it’s not Mr. Trump -will be committed not just to a renewed attack on Social Security but to a broader plutocratic agenda.
Once the surplus is gone, the gap between scheduled benefits and projected tax revenues starts off big and quickly becomes huge.
They are now valued at $2.8 trillion.
Will Social Security exist for younger Americans?
Up until 1949, employers and employees each paid 1% of annual earnings up to $3,000 into the Social Security system. A majority of affluent investors (54 percent) surveyed by Spectrem Group opt to go right to the source, the SSA website, to determine their full retirement age and for information about their benefits and the optimum age to claim them.
In June of this year, the average monthly benefit for a retired worker was $1,335.
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In today’s political climate, another feat like that would be historic.
