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Why Reform Social Security?

Why Reform Social Security:
Social Security - A Very Brief History
Social Security - What Happens If Nothing Changes?
Social Security has been too good to be true until recently. By giving out more benefits to recipients than they paid in, plus the income on what they paid in, the system is projected to go broke around 2032. In fact, giving out more than what recipients paid in, started with the very first monthly recipient.

A problem was not apparent for a long time. If it was, the politicians conveniently ignored the problem. The problem was solved in the short term by increasing birth rates, the "baby boom." More workers were able to help support fewer beneficiaries.

The short - term projection of funds looks very good until 2012. Due to dropping birth rates and longer lives, by 2032 the Social Security system will run out of funds, if something is not done.

Basically, the "baby boom" generation and their children will see Social Security benefits running out.

Our objectives are to devote most of this web site to what Social Security Reform might look like rather than to prove that it is needed in the first place. If you want more information discussing why Social Security Reform is needed, from this web site you can download or view the 1998 Annual Report of the Board of Trustees of the Federal Old - Age and Survivors Insurance and Disability Insurance Trust Fund in .pdf format. (If you think the title is long, the document is 1,060kb!)


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