The Social Security Act was signed by President Franklin D. Roosevelt on August 14, 1935, creating the framework for a revolutionary government program.
Now, 88 years later, the Social Security system stands as a testament to its success, providing a safety net that millions of Americans rely on in times of retirement, disability, or loss.
88 Years of Social Security
But as we celebrate its legacy, it’s essential to recognize the need for growth and evolution to address the evolving challenges of the modern world.
Under the umbrella of Social Security, nearly every working American contributes premiums, or Federal Insurance Contributions (FICA), to ensure future insurance benefits upon retirement, disability, or the unfortunate loss of a breadwinner.
It’s a system designed to provide a lifeline during times of vulnerability, promising security and stability.
However, there is a critical issue that cannot be ignored: the benefits offered by Social Security are currently insufficient to meet the needs of recipients.
The average monthly Social Security benefit of $1,700 falls short in comparison to peer nations.
This stark reality leaves many families grappling with the uncertainty of a secure retirement and facing dire financial straits in the face of disabilities or death.
The result is a looming retirement income crisis, as Americans find themselves considering working until their final days due to the fear of inadequate financial support in their later years.
The solution, many believe, is an expansion of the Social Security system. President Biden’s campaign promise to enhance Social Security, coupled with multiple bills introduced by congressional Democrats, serves as a beacon of hope.
Among these proposals is the Social Security 2100 Act, championed by Representative John Larson (D-Conn.), and the Social Security Expansion Act, backed by Senators Bernie Sanders (I-Vt.) and Elizabeth Warren (D-Mass.).
These bills share common threads aimed at reinforcing Social Security’s strength for future generations, addressing the modest trust fund shortfall that has led to misguided calls for benefit cuts.
The proposed expansion entails not only overall benefit increases but targeted boosts for low-income beneficiaries, family caregivers, and the elderly, ensuring a fair distribution of support.
Read more: IRS Takes Aim At Companies With Employee Stock-Ownership Plans
Bipartisan Support, Ideological Divide, and the Imperative for Safeguarding
Moreover, these measures would adjust the annual cost-of-living adjustments to better reflect real expenses, preventing the erosion of benefits over time.
It’s worth noting that these proposals enjoy broad bipartisan support from the American public.
Across party lines, 83 percent of Democrats, 73 percent of independents, and 73 percent of Republicans advocate for expanding Social Security and funding it by requiring the wealthy to contribute more.
Yet, as it stands, no Republican members of Congress have signed onto bills that seek to bolster Social Security benefits.
In contrast, the Republican Study Committee (RSC) budget proposal paints a different picture. Advocating for benefit cuts, the RSC proposes raising the retirement age to 69—a mathematical equivalent to a 13 percent benefit reduction.
Their vision is to transform Social Security into a flat, poverty-level benefit, potentially undermining its political support and viability.
The battle over Social Security’s future extends beyond policy disagreements, revealing a stark ideological divide.
As Republican politicians prioritize the interests of wealthy donors over the needs of their constituents, they also engage in a quiet yet impactful war on the Social Security Administration (SSA).
The agency’s budget has been slashed by 17 percent since 2010, hindering its ability to serve beneficiaries adequately.
To safeguard Social Security’s enduring legacy and enhance its future, a comprehensive approach is imperative.
Adequate funding for the SSA and strong leadership are pivotal components. The nomination of former Maryland Governor Martin O’Malley as SSA commissioner is a step in the right direction.
President Biden’s request for a 10 percent funding increase for the SSA reflects a commitment to bolstering the program’s effectiveness.
As we celebrate the 88th birthday of Social Security, let us reflect on its remarkable impact while acknowledging the pressing need for expansion and protection.
Congress must seize the opportunity to embrace these vital changes, and voters must hold their elected officials accountable for safeguarding this beloved program’s future.
In a world marked by uncertainty, Social Security stands as a beacon of stability—let us ensure that its light continues to shine for generations to come.
Read more: SNAP Benefits August: Virginia Recipients To Receive An Average Of $181 In Just Five Days
