Overdue for Change: Social Security at Age 87

Romina BocciaThis past Sunday, Social Security – the single largest federal government program – turned 87 years old. The world has changed, but this massive federal program has not kept up with the times. Change is overdue.When President Franklin D. Roosevelt signed Social Security into law on August 14, 1935,he referred to it as “a law which will give some measure of protection to the average citizen and to his family…against poverty‐​ridden old age.” From a modest income support program, targeted toward individuals who lived beyond the age of life expectancy, Social Security now redistributes more than $1 trilli on annually from working Americans toward those in retirement, despite the much greater wealth owned by retirees. And the program’s annual spending is projected to double to nearly $2 trillion over the next decade.It will come as no surprise to anyone paying even the slightest bit of attention to how government works, that even modestly conceived programs tend to bloat far beyond their intended purpose. And as one of the longest running federal programs, Social Security has had plenty of time to transform from an old ‐​age poverty program to a politically convenient entitlement. Congress should not delay on making the following commonsense changes:Increase the Social Security eligibility ageOver Social Security ’s lifespan, life expectancy at birth in the United Stateshas increased by nearly 20  years. Yet, Social Security’s full retirem...
Source: Cato-at-liberty - Category: American Health Authors: Source Type: blogs