Social Security: Yesterday, Today, and Tomorrow

Paper Summary:

This paper discusses the origins of Social Security, how it has evolved, and where it all seems to lead into the future. It explains how Social Security developed during the Great Depression and has lasted throughout the years, giving some measure of economic security to America's retired since the 1930s. Social Security has faced some hurdles, and many believe it will not last through the "Baby Boomer" escalation in retirement by 2030. It argues, however, that Social Security has endured through depression and recession and seems poised to last long into America's future.

From the Paper:

"Social Security, the payment of retirement benefits to those no longer working at their primary career, is not a new idea. Thomas Paine wrote about economic security for the elderly in the 18th century, but it took American leadership until the 20th century to actually do something about retirees and their lack of income. In fact, many other countries enacted social insurance long before the United States created a program. "Germany, in fact, had put extensive social insurance systems in place in 1883, under Bismarck. In the Western Hemisphere, Uruguay was an early pioneer. Foreign examples did not, however, seem to impress Americans" (Skidmore 23). Before the 20th century, most Americans were farmers, and their economic security in their old age depended on their family (SSA)."

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