Ida May Fuller received the first Social Security payment, numbered #00-000-001, on January 31, 1940. Since the Social Security Act became law on August 14, 1935, the program has maintained a consistent and reliable presence in American life. As we mark its 90th anniversary, it stands as one of the most effective, widely supported, and enduring public programs in U.S. history. n nThe program’s longevity stems from its adaptability and the periodic enhancements made to meet evolving needs. Despite persistent claims that it is failing or in need of privatization, such assertions are unfounded. The system remains fundamentally sound, and proposals to replace it with privately managed alternatives—ostensibly to reduce administrative costs—are unrealistic and economically unsound. n nEnsuring the long-term sustainability of Social Security requires straightforward policy adjustments. Rather than dismantling it, the focus should be on strengthening and expanding benefits. This is especially important given the rising economic inequality that has characterized recent decades, during which corporate profits and wealth accumulation have surged while many retirees rely on fixed incomes. Workers who contributed throughout their careers deserve a secure and dignified retirement. n nSocial Security remains a vital pillar of economic policy in the United States. Enhancing its benefits and securing its future would honor the contributions of generations of workers and reinforce the nation’s commitment to economic fairness and stability. n— news from CounterPunch.org
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Social Security: The Gem of American Economic Policy
Ida May Fuller received Social Security check #00-000-001 on January 31, 1940. The dependability of the program has never faltered since the Social Security Act was enacted 90 years ago on August 14, 1935. Today, we celebrate one of the most effective, efficient and cherished programs in American history. n nSocial Security has endured because along the way it was upheld and improved when necessary. Today, and for much of its 90 years, it is targeted as broken or in need of privatization by those who would like to end this insurance program. Neither are true. n nThe fixes to assure the future viability of Social Security are fairly simple and the notion that this most efficient program can be privatized with a profit structure at a lower cost than what it currently costs the government to run is laughable. n nSocial Security is a gem in American economic policy. Let’s strengthen it and make it more generous — after all, it is retired workers who have lived with ever increasing inequality as their labor has generated vast profits for corporations and the wealthy. They deserve a stable retirement.