Earlier this month the Social Security Administration celebrated its 79th of existence. That is hard to believe, but it is even more difficult to believe that many Americans are older than the agency itself, meaning they lived in a time without Social Security.
The majority of us, who have yet to collect Social Security, either for disability or retirement reasons, sure hope we don’t have to experience life without Social Security.
Officially, Social Security began August 14, 1935 when President Franklin D. Roosevelt signed it into law.
Today, Social Security is an essential safety net for retirees, the disabled and children who have lost a parent too soon. When we look back at the last 79 years, we realize how important Social Security has become to our way of life. Consider these facts.
- Social Security estimates that the poverty rate of the elderly would be 44 percent instead of 9 percent if Social Security ceased to exist.
- Americans received $812 billion in Social Security payments last year, about six percent of total income. Imagine if the entire population’s income of American went down by 6 percent.
- The number of Americans who received Social Security benefits equaled nearly 60 million. This is more than 18 percent of country’s population. It includes retirees, the disabled, young children and widow or widower benefits.
Looking back 79 years we wonder what Roosevelt would think if the current state of Social Security benefits with both the retirement and especially the disability trust funds ready to run dry. Back when it was signed into law, Roosevelt said “this law represents a cornerstone in a structure which is being built, but is by no means completed.”
We hope that in coming years Roosevelt’s vision is achieved and we build on Social Security as a safety net and not teardown the walls of such an important institution.
To learn more about the history of Social Security click here.
