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The American Prospect
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Why we need Social Security: it has radically reduced poverty in old age. And it protects the middle class against inflation and the ups and downs of the market.
Publication:
The American Prospect
Publication Date: 01-FEB-05 |
Format: Online - approximately 1238 words
Delivery: Immediate Online Access |
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Full Article Title: Why we need Social Security: it has radically reduced poverty in old age. And it protects the middle class against inflation and the ups and downs of the market.(A Special Report On Saving Social Security) |
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Article Excerpt
FOR NEARLY THREE-QUARTERS OF a century, Americans have taken Social Security for granted. Now we had better learn how it works, what it has done, and what the true facts are regarding its future--or else we are going to lose it.
Superficially, Social Security resembles traditional employer pensions: Americans pay into the system during their working years and receive a monthly pension during retirement. But the differences are fundamental. Social Security benefits are based on a balancing of two principles: equity and adequacy. Equity means that what you put in is related to what you get out; in other words, workers with higher wages, who pay more into the system, receive higher benefits later on. But under the principle of adequacy, the Social Security benefit formula overlooks years of low earnings (for example, when a worker may have been disabled or unemployed), and it replaces a higher proportion of earnings for the poor than for the rich. That's why it's our most successful antipoverty program. In addition, Social Security benefits are indexed against inflation and protected from the ups and downs of the economy...
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