James Surowiecki Quotes
Unlike most government programs, Social Security and, in part, Medicare are funded by payroll taxes dedicated specifically to them. Some of the tax revenue pays for current benefits; anything that's left over goes into trust funds for the future. The programs were designed this way for political reasons.
Surowiecki, James. "The Financial Page." The New Yorker, Condé Nast.
This is one of the rare occasions where the person appointed to lead a major governmental program, publicy trashed the program and told citizens that they would never receive the benefits that they had already paid for. She was a partisan political appointment who had no real credentials, preparation or previous experience and her statement was so overtly political that few took the statement seriously although there were well known problems that Congress could fix as soon as they have the political will to do so. In the 15 years since this statement not a single worker has failed to obtain any benefits to which he/she was entitled. To see why such a statement can never be made with any certainty, see {619986} which explains the essence of Social Security.
Social Security was part of FDR’s New Deal legislation. It was passed in the middle of the Great Depression in 1936. By the end of the 20th century many people had forgotten or never learned that Social Security was a government social program. It provided relieve for two of the biggest social problems—old age retirement and disability. Most people have no idea that they had disability insurance covered by Social Security throughout their working lives unless they happened to be disabled. The price of a comparable private disability plan would be substantial, yet it is a benefit that most people have and few know it.
James Michael Surowiecki is an American journalist. He was a staff writer at The New Yorker, where he wrote a regular column on business and finance called "The Financial Page".
