Remember the days when we had grand public works, when people worked at one job and were rewarded? A corporation actually cared about their employees? When buying a home was the ultimate American Dream?
Readers of this site are surely aware state budgets are in huge trouble. This evening, the news went prime time in a 60 minutes segment, A Day of Reckoning: State Budgets Crisis. Currently States, all 50 of them, have a $500 billion deficit hole combined.
Most people probably think of Social Security as a retirement system, which it is in part. But at the same time it is also a welfare system, which explains why the retirement part is so minimal as compared to actuarially based pension systems. That is, the welfare aspect costs money, to the detriment of the retirement aspect.
My aim is to flesh out the details of this a bit. My source of data is the official website of the Social Security Administration: www.socialsecurity.gov.
ELEMENTS OF THE WELFARE ASPECT
1. SSI (Supplemental Security Income) and Disability
Remember the days when we had grand public works, when people worked at one job and were rewarded? A corporation actually cared about their employees? When buying a home was the ultimate American Dream?
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