Nancy Altman, co-director of the advocacy group Social Security Works, reminds us why Social Security is actually a very efficient system and quells notions that the U.S. can’t afford it.
“It spends less than a penny of every dollar collected on administration,” she said. “Any kind of insurance you find will have some problems, some overpayments and so forth. But Social Security has fewer than most private insurances and is much more efficiently run.”
Questions are now being raised about funding Social Security in light of the rising numbers of elderly and retiring Americans. Altman points out that The United States is much wealthier than it was in 1935 when Social Security was enacted, in 1939 when it was expanded, and in 1956 when disability was added. She states that there is “no question we can afford to expand Social Security.”
Not only does Altman contend that America can afford to keep Social Security functioning, she also argues that Social Security benefits should be increased. The United States lags behind other developed nations in this respect by not offering paid parental leave and paid sick leave.
Additionally, the increasing numbers of new U.S. citizens because of Obama’s immigration orders will in fact work in Social Security’s favor by having more people contributing to the system.
“Immigrants tend to be younger and tend to have larger families, so you have more people paying in and fewer drawing out,” Altman said.
Also, illegal immigrants aren’t allowed to receive Social Security.
“Social Security is an earned benefit, so you cannot recollect unless you’ve earned and paid in,” she said. “No one will be getting benefits on a day if they haven’t worked legally.”
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