Arlington, Va. – President Franklin D. Roosevelt signed the Social Security Act into law on August 14, 1935, and this Sunday, Social Security officially turns 81.
Generation Opportunity Policy Director David Barnes released the following statement today on Social Security’s upcoming birthday:
“When Social Security was created, America was a much different place than it is today. On Social Security’s 10th birthday, there were 42 workers supporting each beneficiary at the time. But today, due to demographic shifts over the last several decades, fewer than three workers support the benefits of each current retiree. As Americans have fewer kids, live longer, and the labor force continues to shrink, it will be untenable for just one or two workers to carry each retiree on their back.
“This outdated program is financially unsustainable, increasing the debt and driving us closer to economic collapse. The most recent Congressional Budget Office report predicts that the program will be unable to pay full benefits in just 13 years. Despite clear warnings like this, policymakers have failed to address the problem, and many have flat-out refused to even acknowledge that the program is in desperate need of repair.
“The fact is, politicians in Washington and on the campaign trail need to have an honest discussion of reforms that will fix Social Security. The current plan of ‘do nothing’ will have severe consequences for young Americans, who can’t afford to continue seeing their hard-earned dollars to go a program that won’t ultimately won’t benefit them.”