Social Security in the USA

Social Security is the major federal welfare program in the United States. Started in 1935 as part of the New Deal, it grew steadily in scope and cost. It primarily provides income for retired people, medical benefits for them ("Medicare"), and benefits for the disabled. It is funded by a tax on payrolls, with employer and employee paying equal shares (currently about 7%).

Social Security Reform 1983

Mounting concerns that rising Social Security benefits were causing a long-term deficit and were growing too fast resulted in a bipartisan compromise in 1983. Brokered by conservative Alan Greenspan and liberal Claude Pepper, the agreement lowered benefits over the next 75 years and brought the system into balance. Key provisions included a gradual increase over 25 years in the retirement age from 65 to 67, to take account of longer life expectancy. (People could retire younger, but at a reduced rate of benefits.) Millions of people were added to the system, especially employees of state governments and of nonprofit organizations.

External Links

Social Security Online

Bibliography

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• Tanner, Michael D. Social Security and Its Discontents: Perspectives on Choice Cato Institute, 2004 online libertarian criticism
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