Social Security fulfills an important principle
A recent letter to the editor took exception to the term “entitlement” when applied to Social Security. I contributed to the system for 50 years, mostly at the max level. I took the report of my contributions and converted them to 1995 dollars by adjusting for inflation and compounding interest. The resulting value amounted to $63,000, which I received in three years. For the subsequent 18 years, I have been receiving a benefit to which I had not been entitled.
Social Security was enacted to reduce poverty in the elderly from 67 percent in 1933 to 20 percent today. Secondly, it provides a floor for the economy. Imagine how much deeper the financial meltdown of 2008 would have been without payments to we elderly.
Social Security is not a traditional insurance program but a social contract. “You take care of the old folks in your working years, and you will be cared for in kind.”