By Jo Anne B. Barnhart
Special to the Sentinel
August 11, 2005
On Sunday, Social Security marks its 70th anniversary. When the program
was created in 1935, America was a vastly different nation. We were
in the midst of the Great Depression, and at least one-third of all
older Americans were dependent upon others for their financial support.
Retirement was something that happened when you could no longer work
-- not something you planned for in advance.
When Franklin Roosevelt signed the legislation into law, I'm not sure
even he realized the significant role the program would play in the
next seven decades. I daresay no one foresaw Social Security becoming
part of the fabric of society. Yet that is precisely what happened.
And, with good reason. Since its inception, Social Security has paid
approximately $8.4 trillion in benefits to nearly 200 million people.
As Social Security established a prominent position helping ensure
economic security for Americans, the passage of seven decades has brought
substantial and unanticipated change, especially to the population
the program was created to serve.
The number of older Americans living now is greater than anyone could
have imagined in 1935. Then, only 7.5 million people were age 65 or
older. Today, approximately 36 million, or roughly one in eight people,
are older Americans.
These numbers are going to continue to grow even more rapidly in the
coming decades. In less than three years, America's 78 million baby
boomers will begin to reach retirement age. By the middle of this century,
about one of every five Americans will be 65 or older.
This increase in life expectancy is a wonderful success story for
our nation. More and more Americans are working longer and enjoying
a lengthy retirement. But increases in life expectancy mean challenges
for Social Security.
The Social Security program is largely a pay-as-you-go system -- with
today's workers paying for today's beneficiaries. This system has worked
well over the years -- especially when there was a relatively large
number of workers to support each individual receiving benefits. But
today's demographics are working against us.
Our parents, grandparents and great-grandparents can feel confident
about the promise of a secure future. Their benefits are secure and
will be paid.
Unfortunately, the same cannot be said for my teenage son and his
friends. I believe Social Security's 70th anniversary is the perfect
opportunity for us to signal to younger generations of Americans that
we, as a society, are committed to strengthening this important program
-- for them.
In today's rapidly developing world, it's no surprise that government
programs also will need to adjust to our changing circumstances.
Under President Bush's leadership, this issue is being discussed on
Capitol Hill and in living rooms across the country. Looking ahead,
the financing problems facing Social Security, coupled with the program's
complexity and scope, will be challenging to address. Reflecting back,
our nation has a proud history of grappling with difficult issues.
And we do it best when we work together. I believe Social Security
-- a program that touches the lives of almost every American -- deserves
nothing less.
|
www.socialsecurity.gov
