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Social Security

Social Security Has Not Changed

The American Association of Retired Persons (AARP) is touting the changes to Social Security for 2014. Instituted during the New Deal, Social Security, a federal Old-Age, Survivors, and Disability Insurance (OASDI) program, provides monthly benefits for retirement, disability, survivorship, and death to about 57 million Americans, including survivors and dependents. Social Security is “funded” by a payroll tax deduction ...

The Problem with Conservative Plans to Save Social Security

The largest expenditure of the federal government is Social Security. According to the most recent annual report of the Social Security Board of Trustees, in 2011 $725 billion in Social Security benefits were paid to 55 million Americans, plus other expenses of $11 billion. The three major entitlement programs — Social Security, Medicare, and Medicaid — account for almost half ...

Should Social Security Be Saved?

Speaking at a conference for a finance trade association in Chicago, former President George W. Bush said that the biggest failure of his administration was not privatizing Social Security. In 2001 the President’s Commission to Strengthen Social Security was formed. This bipartisan, 16-member commission issued a report that included three reform proposals, all of which allowed workers to voluntarily transfer ...