Social Security Reform: Can it Secure the Rights to your Pension Benefits?

Abstract

Social Security has been an extremely popular program over its 70 years of existence. It has provided retirement, life insurance and disability benefits to workers and their families. Through the years, benefits have been expanded and adjusted, new groups of workers have been covered, and taxes have been raised on workers and some retirees to pay for the program's costs. As the program's costs grew, so did its revenue base, as members of the Baby Boom generation matured and reached their peak annual earnings. For the past 20 years, Social Security payroll tax revenues have been in excess of its benefit payments, providing revenues to the Treasury to fund other programs.