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President Franklin Delano Roosevelt signs the Social Security Act, at approximately 3:30 pm EDT on August 14, 1935. Standing with Roosevelt are Rep. Robert Doughton (D-NC); unknown person in shadow; Sen. Robert Wagner (D-NY); Rep. John Dingell (D-MI); Rep. Joshua Twing Brooks (D-Pennsylvania); the Secretary of Labor, Frances Perkins; Sen. Pat Harrison (D-MS); and Rep. David Lewis (D-MD).
When the end of the world comes, I want to be living in retirement.
Karl Kraus, Aphorism
This column is about a birthday present for Social Security. It is the present that Social Security wants more than anything in the world. And it's the present Republicans have the hardest time figuring out how to give--money.
The reason Social Security wants money is not because it is 80 years old and forgot to prepare for its old age. It's because of demographics over which it had no control. More and more baby boomers are attaining retirement age and qualifying for Social Security payments and Social Security is finding itself having to support a lot more people than it anticipated when it began. Furthermore, there are fewer workers paying Social Security taxes and more people are getting benefits. The result is that by 2033 the Social Security trust fund which is now covering shortfalls will be depleted and its income from taxes paid by the reduced number of workers in the work force will enable it to recoup no more than $.77 on each dollar it pays out. There is nothing future retirees can do to solve the problem but there are things Congress can do. Here are some of the solutions being considered by Congress. Readers may come up with others. The question you will be asked to answer at the conclusion of this piece is what is the best solution. Here are the options:
There are of course proposals in addition to those set out above that might give Social Security a happy birthday and readers will come up with their own. Here, however, is the quiz: if you were a member of Congress and had to vote on one of the preceding ways of helping to restore solvency to the Social Security Trust Fund, which one would you choose? If you selected (5) you should continue doing whatever it was you were doing before you started reading this column since there is no future for you in politics. If you voted for one of the other solutions you should consider a career in Congress. You have what it takes to serve.
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When the end of the world comes, I want to be living in retirement.
Karl Kraus, Aphorism
This column is about a birthday present for Social Security. It is the present that Social Security wants more than anything in the world. And it's the present Republicans have the hardest time figuring out how to give--money.
The reason Social Security wants money is not because it is 80 years old and forgot to prepare for its old age. It's because of demographics over which it had no control. More and more baby boomers are attaining retirement age and qualifying for Social Security payments and Social Security is finding itself having to support a lot more people than it anticipated when it began. Furthermore, there are fewer workers paying Social Security taxes and more people are getting benefits. The result is that by 2033 the Social Security trust fund which is now covering shortfalls will be depleted and its income from taxes paid by the reduced number of workers in the work force will enable it to recoup no more than $.77 on each dollar it pays out. There is nothing future retirees can do to solve the problem but there are things Congress can do. Here are some of the solutions being considered by Congress. Readers may come up with others. The question you will be asked to answer at the conclusion of this piece is what is the best solution. Here are the options:
There are of course proposals in addition to those set out above that might give Social Security a happy birthday and readers will come up with their own. Here, however, is the quiz: if you were a member of Congress and had to vote on one of the preceding ways of helping to restore solvency to the Social Security Trust Fund, which one would you choose? If you selected (5) you should continue doing whatever it was you were doing before you started reading this column since there is no future for you in politics. If you voted for one of the other solutions you should consider a career in Congress. You have what it takes to serve.
When the end of the world comes, I want to be living in retirement.
Karl Kraus, Aphorism
This column is about a birthday present for Social Security. It is the present that Social Security wants more than anything in the world. And it's the present Republicans have the hardest time figuring out how to give--money.
The reason Social Security wants money is not because it is 80 years old and forgot to prepare for its old age. It's because of demographics over which it had no control. More and more baby boomers are attaining retirement age and qualifying for Social Security payments and Social Security is finding itself having to support a lot more people than it anticipated when it began. Furthermore, there are fewer workers paying Social Security taxes and more people are getting benefits. The result is that by 2033 the Social Security trust fund which is now covering shortfalls will be depleted and its income from taxes paid by the reduced number of workers in the work force will enable it to recoup no more than $.77 on each dollar it pays out. There is nothing future retirees can do to solve the problem but there are things Congress can do. Here are some of the solutions being considered by Congress. Readers may come up with others. The question you will be asked to answer at the conclusion of this piece is what is the best solution. Here are the options:
There are of course proposals in addition to those set out above that might give Social Security a happy birthday and readers will come up with their own. Here, however, is the quiz: if you were a member of Congress and had to vote on one of the preceding ways of helping to restore solvency to the Social Security Trust Fund, which one would you choose? If you selected (5) you should continue doing whatever it was you were doing before you started reading this column since there is no future for you in politics. If you voted for one of the other solutions you should consider a career in Congress. You have what it takes to serve.