In Reply to: Re: Future demographics say social security is unsustainable..... posted by SagoBob on April 14, 2024 at 15:24:31
IMO the intent of Social Security was to push older workers out of the workforce during the depression to create jobs for younger people.
In doing so they created some economic security for the elderly while putting jobs in the hands of those who could then build a family, etc, and do those other positive things young employed men provide a community.
Pragmatically however it has become the sole income of the elderly lower middle class and poor. 40% of the elderly sole income is social security.(National Institute of Retirement Security)
From social security's government history website
https://www.ssa.gov/history/50ed.html
"The Social Security Act established two types of provisions for old-age security: (1) Federal aid to the States to enable them to provide cash pensions to their needy aged, and (2) a system of Federal old-age benefits for retired workers. The first measure was designed to provide immediate assistance to destitute aged individuals. The second was a preventive measure intended to reduce the extent of future dependency among the aged and to assure workers that their years of employment entitled them to a life income."