FICA provides for much more now than
S.S., and it's stated main purpose was to allow seniors to retire with dignity by providing them a "secure" income to pay for their basic needs. A "living wage" in other words. Only a modern "robber baron" would say "it was to provide a supplemental income."
FDR upon signing:
That was never the intended purpose of Social Security.
It was intended as a SUPPLEMENTAL INCOME once someone approached the end of their expected lifetime. It was never intended to be any sort of retirement plan.
In 1950 for women the retirement age was 62 and 65 for men. The average life expectancy in the US was 66.
The life expectancy of all Americans in 1961 was 70 years. Social Security benefits started at age 62 for women and 65 for men.
For those retiring today, full benefits are at 67 with an average life expectancy of 78. Many today live into their 80s and 90s.
Blacks contribute as much, but their life span is far shorter.
In 1950 there were 16.5 workers for each Social Security recipient. In 2011, the ratio is 2.9 workers for each recipient.
According to the SSA's data, about 157 million U.S. workers support 55 million Social Security recipients this year. In 1950, 48 million workers supported 2 million recipients.
Social Security did not start out as a Ponzi Scheme, it evolved into one. To deny that it needs radical reform is to deny the tide is coming in today.