Social Security was designed as wage insurance. Its goal has always been much more expansive than the alleviation of poverty, or even its prevention. The system’s purpose is to replace wages so that people are able to maintain their standard of living in the event of retirement, disability or death.
Share to twitterRepublican politicians want to cut Social Security. They never say so out loud, but their 2016 platform reveals the truth. In the section labeled, “Saving Social Security,” it, “As Republicans, we oppose tax increases…” Since Social Security cannot deficit spend and is projecting a shortfall in 2035 if Congress doesn’t act, that only leaves benefit cuts.
Deflecting from their desire to cut Social Security, Republican politicians and their outside advocates have unleashed a barrage of misleading attacks about the 2100 Act and Social Security itself. A In 1931, years before signing the Social Security Act of 1935 into law, then-Governor of New York Franklin D. Rooseveltfor wage insurance that provides, when wages are gone, “not merely…a roof over head and enough food, to keep body and soul together, but also enough income to maintain life during the balance of their days in accordance with the American standard of living.
of failing to disclose to working Americans that Social Security “is far more favorable to him than any policy that any private insurance company could afford to issue. That omission is deceit.”anniversary, Social Security has stood the test of time. The American people know that it is the most cost-effective, efficient, universal, secure, and fair insurance around. It provides benefits not available in the private sector at any cost.
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