Quote:
Originally Posted by AGDee
From the Social Security Administration page itself:
http://www.ssa.gov/history/hfaq.html
Q4: Is it true that Social Security was originally just a retirement program?
A: Yes. Under the 1935 law, what we now think of as Social Security only paid retirement benefits to the primary worker. A 1939 change in the law added survivors benefits and benefits for the retiree's spouse and children. In 1956 disability benefits were added.
Keep in mind, however, that the Social Security Act itself was much broader than just the program which today we commonly describe as "Social Security." The original 1935 law contained the first national unemployment compensation program, aid to the states for various health and welfare programs, and the Aid to Dependent Children program. (Full text of the 1935 law.) |
Point taken. However this also indicates that it was never meant to be to sole or primary source of retirement funds.
"It is impossible under any social insurance system to provide ideal security for every individual. The practical objective is to pay benefits that provide a minimum degree of social security—as a basis upon which the worker, through his own efforts, will have a better chance to provide adequately for his individual security." -- From the Report of the Social Security Board recommending the changes which were embodied in the 1939 Amendments.
I should have parsed my words better and stated that it was not originally envisioned as the sole or primary source of retirement income. I still call it a sham as the return on investment is poor and the Trust Fund is not there. There is no money set aside by our Federal government.