On August 14, 2012, Social Security had it’s 77th birthday. Enacted during the great depression of the 1930’s, Social Security has been a tremendous anti-poverty program. Before the advent of Social Security Retirement approximately half of our senior citizens lived in poverty. Today, less that 10% live below the poverty line.
Contrary to much of the political rhetoric bandied about today, Social Security does not contribute to the federal government deficit. Social Security is funded by a payroll tax and, per the Social Security Administration, the program currently has a surplus in excess of $2 Trillion. Social Security estimates that it can pay 100% of all benefits owed to eligible Americans for the next 21 years.
Leslie A. Mitnick is a member of Stark & Stark’s Yardley, PA office, specializing in Accident & Personal Injury Law. For more information, please contact Ms. Mitnick.