When signing Social Security into law President Roosevelt said, “Young people have come to wonder what would be their lot when they came to old age. The man with a job has wondered how long the job would last. This law, too, represents a cornerstone in a structure which is being built but is by no means complete. It is, in short, a law that will take care of human needs and at the same time provide the United States an economic structure of vastly greater soundness.” 75 years later young and old alike are questioning the current and future state of Social Security as it, for the first time in 17 years, is paying out more money than it is taking in from payroll taxes. Today as we celebrate the birthday of Social Security we take a look at where it stands and discuss the security of Social Security.
Andrew Biggs, resident scholar at the American Enterprise Institute; former deputy commissioner of the Social Security Administration in the Bush Administration
Ross Eisenbrey, Vice President of the Economic Policy Institute