Labor & Employment Law

Happy Birthday Social Security?And Many More

By James Parks

Today is the 75th birthday of Social Security, and while the nation?s retirees have much to be proud of as Social Security reaches this milestone, they also are anxious as more and more short-sighted politicians take aim at the program.

The Alliance for Retired Americans is holding events across the country to help preserve Social Security for working families. Click here to find upcoming events in your state and browse the “American Stories Project” to see real Social Security stories from members.

Here?s Edward Coyle, executive director of the Alliance:

“We will spend the coming months educating and mobilizing retirees to protect the Social Security benefits millions of seniors count on each month to make ends meet.”

Recent polls show the public strongly supports Social Security despite calls by Republicans like Rep. John Boehner to raise the retirement age to 70 and cut Social Security and Medicare supposedly to lower the deficit. One reason Social Security is so popular: Social Security keeps 20 million Americans out of poverty, including some 13.2 million seniors and 1.1 million children.

Doomsayers who claim Social Security will go broke when the baby boomer generation retires are just plain wrong, says the Economic Policy Institute (EPI). In its analysis of Social Security, EPI found that the system is financially sound through 2036. 

There is no emergency.  If no changes are made, beginning around 2037, benefits will be reduced. But modest increases in revenue can close the expected shortfall and preserve full benefits.

 So happy 75th birthday Social Security?and many more.

Full post as published by AFL-CIO NOW BLOG on August 14, 2010 (boomark / email).