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.