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Word Count: 1,385
In 1935 President Franklin Roosevelt proposed his social security measures In his annual message he declared that the day of great private fortunes was ended and instead wealth must be better distributed Every citizen must be guaranteed a proper security a reasonable leisure and a decent living throughout life1 The depression had lessened but it was not over yet as unemployment and poverty were still widespread The Social Security Act was signed August 1935 Under the Act Social Security provided for three main programs 1 A retirement annuity It works like an annuity in that the beneficiary receives a fixed monthly payment and the total received depends on how long the beneficiary lives 2 A spousal and survivors benefit Benefits are available for dependents and survivors of an insured worker 3 Disability insurance Social Security provides earnings-related pension benefits to workers who are disabled below the normal retirement age and to their dependents A cursory look at Social Security would lead one to believe that America is a better place with these three main programs in place In the nearly 65 years since President Roosevelt signed the Social Security Act America has considerably changed in its demographics economic base and population numbers significantly impacting the administration and jeopardizing future of Social Security Social Security is no longer the deal it was intended to be in 1935 and in its current state will fail to provide for the future needs of the very people is was designed to serve As an annuity Social Security gives a poor rate of return on the payroll tax contributions earmarked for retirement income For those receiving normal benefits the value of those benefits over the years have declined steadily when compared with employment taxes paid making Social Security less and less attractive as a way to save for retirement Average income families fare badly under Social Security relative to the return they could receive from a conservative private
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