Social Security 81 year: what is its role
Photo: depositphotos.com
The new reports show the benefits of the social insurance program for 60 million people.
Exactly 81 a year ago, on Sunday, President Franklin Delano Roosevelt signed the Law on Social Security and the creation of the first national pension plan.
In the following decades, the program developed to cover all working classes and provide benefits to disabled workers and their families, as well as spouses and children who are dependent on the deceased workers.
Thanks to social welfare, the number of poor older people has decreased from 50% (in 1935 year) to about 10% at present.
While most news headlines about Social Security today have tended to focus on the program's long-term shortfalls, two reports released last week describe its successes.
The Democratic Joint Economic Committee of Congress released a report on the critical role of Social Security as a major source of retirement income.
According to JEC, social security annually saves millions of people from 14,5 poverty. In the 2014 year, an analysis showed that 41,5% of Americans at the age of 65 and older are at risk of living in poverty without social security, compared with the current 10%.
West Virginia is the state with the highest percentage of residents who depend on social security. Over a quarter of state residents received benefits in 2015.
Social Security's lesser-known role as a program to combat child poverty is coming to the fore. Thanks to it, benefits were provided to 4,3 million children in 2015. In total, the program lifted 1,1 million children out of poverty in 2014.
The issue of social security has become important in the presidential race this year. Hillary Clinton, the Democratic Party’s presidential candidate, promised not to cut benefits on programs and said she would increase payments to vulnerable groups.
Donald Trump said he would protect his constituency from reducing payouts.
Read also on ForumDaily:
10 ways to prepare for retirement in the US
Lesbian couple fighting discrimination by insurers in New Jersey
Obamacare premiums in California will increase by 13% in 2017
Children of illegals in California will receive medical care
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