WITH A LONG history of involvement in the evolution of the Social Security program, Nancy Altman and Eric Kingson are the right analysts to explain the program and demonstrate conclusively that, with careful tending by Congress, Social Security will be there for future generations: a critical part of retirement finances for the vast majority of the American people and, for many, the only retirement support. They argue that Congress should be strengthening and expanding Social Security—and they show how this can be done and the bill paid.
The book makes clear that Social Security is not an entitlement program but a social insurance program with premiums paid through payroll taxes. Its $2.8 trillion trust fund represents the full-faith support of the American people to provide essential insurance coverage for all our people against the universal hazards of death, disability, and old age. It compares how our system stacks up against those of other advanced industrial societies. (We are distinctly less generous to our senior citizens than other developed nations.)
Primarily through the death and disability provisions, Social Security also provides the largest amount of support to children of any federal program, keeping millions of children above the poverty line. Indirect support—helping people not have to bear the full financial burden of caring for elderly parents whose financial independence is assisted through both Social Security and Medicare—increases the number of beneficiaries further.