Social Security is 75

Seventy-five years ago, on August 14, 1935, Democrats made a promise to American seniors to ensure that a lifetime of hard work would be respected and rewarded. That promise is Social Security, one of the most important policies ever enacted by the United States Congress. Social Security has successfully kept Americans out of devastating poverty and protected children and families if a breadwinner dies or becomes disabled.

Make no mistake; Social Security faces long-term challenges. It is estimated that the trust fund will be able to pay benefits in full until 2037, but after that, it will only be able to pay 75 percent of scheduled benefits. Congress has a moral and financial obligation to address this funding gap and to ensure the future solvency of Social Security. We must also ensure that everyone who has paid into the system fully gets back the benefits they have earned.

For 60 percent of seniors, Social Security is more than half their income. Social Security pays out regular, guaranteed benefits regardless of the ups and downs of the stock market. That would not be true if the reforms that many in Congress propose were to privatize the system.

Several high ranking Republicans have put forth a detailed plan that would privatize Social Security, raise the retirement age and cut benefits by an average of 28 percent for a typical middle class worker. Guaranteed benefits would be slashed and the remainder of the funds would be put into private market accounts that are dependent on the performance of the stock market. Rather than enter retirement age secure in the knowledge of a guaranteed benefit, seniors would be faced with grave uncertainty.

Students should write reports of at least 150 words or create a presentation of at least two minutes and seven slides that cites at least three resources. Students should use the pathfinder listed below to save time and get the best results.

Students should address the following essential questions for critical thinking (teachers can add to or substitute others):

• What were the compelling reasons for the passage of the Social Security Act?
• Which constituencies were for and which against Social Security and why?
• How were the benefits financed?
• Which groups of people benefited from Social Security?
• Should Social Security be maintained as a public program or "privatized" to reform the system—why or why not?

Select the Subject Heading option > Type "Social Security Act" in the Search box > Click "Social Security Act (1935)"

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