First signed into law by President Franklin Roosevelt in 1935, Social Security was designed to ensure that America’s senior citizens could live honorably without fear of falling into poverty. During their peak years, workers pay into a fund and then receive fixed payments when they retire from the workforce.
Since it offered security to people in their older years, the program was devised to provide exceptional security to society itself. Understanding that there is a fundamental floor of needs met for our people in later and less advantaged stages of life represents a benefit for all of us.
For generations, Social Security has functioned well to decrease poverty among our seniors and disabled Americans. Today, the program is under attack by big Wall Street banks and financial service organizations who seemingly have it in their sights simply to exploit a new and potentially massive source of income and bonuses.
For that reason, critics of Social Security claim that it will run out of money soon. While it must be said that there may be issues with funding in the future, the potential problems can be resolved with moderate changes. Simply increasing the cap on income which is subject to Social Security payroll tax, for instance, can help the system remain solvent permanently, without reducing benefits.
We should not put Social Security at risk under any circumstances. We must protect this fruitful and caring program which retiring Americans have counted on for almost eighty five years now.