Why the Social Security Program Needs Your Support, NOW
I’ve been meaning to write about Social Security (SS) for years. I’m publishing this now to highlight the crucial, desperately necessary existence of SS to my readers who might already think of it as something that does not, or may never, benefit them. Social Security is the most important government program today for its wide-ranging alleviation of poverty. This will change, should the news about current threats to Social Security come to pass.
Growing up, I benefitted from government programs that funded my public schooling, the maintenance of my village (because it was too small to be considered a town) and the only TV programs for someone like me, a child without cable or engaged parents. As transformative as these were to my little-kid self, they still pale in comparison to the program, Social Security, that ensures the very survival for millions of Americans.
To put it bluntly:
About 9 percent of Americans age 65 and older is poor. If they had to rely only on their income other than Social Security, about 40 percent would be poor. Overall, Social Security keeps 22 million Americans out of poverty, including nearly 15 million seniors and 1 million children. (source)
As much as I attribute my personal success to skills learned in the classroom and the creativity fostered by kid-focused programming, they would have meant much less had my community been riddled with poverty-related stress and death. Social Security was never directly personal for me, but it doesn’t have to be to note the obvious, outstanding advantages it’s responsible for.
To lose the Social Security program is to lose the backbone of a strong America. I don’t want to live anywhere with skyrocketing homeless rates for the elderly, people with disabilities, and their families. The United States is backsliding away from being number 1 in the world when it can’t be assed to do the minimum for their own.
So let’s talk about Social Security. I didn’t qualify for it until last year; I also can’t collect it for another three decades, as is the case for most my age. Here’s why it’s crucial to plan for anyway.
The Surefire Threats to Social Security
Everything I write here is with the somewhat-guarded hope that Social Security will not be axed by the current fascist, oligarchic administration. I use “fascist” and “oligarchic” not as insults, but as descriptors. As Social Security is the number one most popular government program, they can’t outright remove it. A large cohort of Americans rely on it. My peers will rely on it in the decades to come. Should I need it, then I will do the same.
These facts in no way guarantees the safety of Social Security. Already, the Social Security Administration (SSA) is in crisis from cuts to budgets and personnel courtesy of the current administration. There is also a smokescreen of “updates” to Social Security that officials claim will benefit the SSA, but can very well cripple it severely. One such update is to remove the ability to access SS benefits over the phone, the primary method of communication for many seniors. Another is to rush an overhaul of the Social Security code base, which uses a programming language known for its reliability. I wouldn’t be surprised a whit if that overhaul caused the SS code base to crash with no culpability whatsoever.
Having it suddenly gone is going to be one of the many, many symptoms of a doomed America.
The Arguments Against Social Security
As humans, we like to feel good about ourselves. We also like to be the heroes of our stories, not the villains. This is why you won’t generally see the main argument against Social Security for what it is: an attack on people and a belief that others do not deserve to live when they need help. As an alternative, anti-SS people like to claim they don’t like the inefficiencies of the program. They also quibble about it costing too much, because something, something, the economy! The priceless value of human life cannot enter the debates; there is no way to argue against that without accepting your role as the Ultimate Evil.
To go along with that, a big criticism of SS I see (from finance bros in particular) is pointing out the “low returns”. Essentially, the argument is you’d make more money investing what you pay in Social Security taxes. Maybe that argument would hold water, maybe, if only we had better statistics around how many investors end up with less than what they started with. Estimates range from 70% of investors to 90% end up with a loss. Or if there were better statistics around the people the investors employ to help with their portfolio – over 80% of professional fund managers cannot beat the overall market returns.
This held true when I did a case study of funds that were, once, on the list of the top 10 best performing actively managed funds.
Only 2 of them actually beat the overall market!
At the end of the day, no one is able to work forever and financial illiteracy is rampant. A huge chunk of the population can’t answer three very basic finance questions; for them, I’d much rather pay the Social Security tax than see any more elderly on the streets. I’m not about to support villains here, whether it benefits me or not.
Social Security is Important to EVERYONE
When you imagine an ideal world, you’re going to imagine other people are living in it and you’re going to imagine them smiling. I’m telling you now: those people will not smile if they are worrying about whether they can afford the rent or next month’s groceries.
You don’t live in a bubble; you live in a world. It’s made up of vast oceans, lands, climates, flora, fauna, cities, and – on top of all of that – literally billions of people. The United States population alone numbers over 340 million. That number will keep growing, but we don’t live in an ideal world yet. If humanity prioritizes progress and well-being, then I have faith we will. That will be a long ways away – if it happens at all – when life is too stressful for too many to work too hard on that ideal.
What I like about Social Security is the guarantee to get us closer to that ideal. It’s insurance with the best guarantee on the market. You won’t see your monthly Social Security checks dip because the stock market didn’t perform so well as you’d thought. At best, Social Security is a nice supplement to investors living the high life. At worst, it’s the main lifeline for retirees and the difference between a dignified existence and staring serious poverty in the face. I have negative interest in taking that cushion away for those who might need it through no fault of their own.
How to Protect Social Security
If I’ve convinced you to help protect Social Security, the follow-up question is likely “Now what? What’s next?” Here is where I’d like to give advice that’s easy to do; to give you something that doesn’t take up much time or energy, but what you’re likely not doing right now. Call your congresspeople, both in the Senate and the House of Representatives, to voice your support. Show up to local elections and vote in people clear about supporting Social Security. Hug a nurse, with permission. Sing!
The civic actions are the most necessary on that list.
They also would have been most effective ten years ago, and look what lack of action brought about.
So, in addition to your civic duties, I’d also suggest two more labor-intensive actions to take.
First, educate yourself on the ins and outs of Social Security. I only provide a shallow overview in this article in the interest of accessibility, so the more you learn about the subject the better you’ll understand why I regard it so highly. I have included links throughout this article to reputable news and research organizations for your convenience. The resources on the Social Security Wikipedia page are also helpful.
Second, take your newfound knowledge and educate those around you. Build more connections to your neighbors and others living side-by-side with you. Share the wealth of knowledge so everyone is armed with awareness.
I have firmly believed for years that education is the greatest weapon against tyranny and the greatest chance we have for reaching an ideal world. That can only happen if people have hope it’s possible. To feed that hope, you need to visualize how to approach it from where we currently are; to visualize, you need the knowledge, which comes from education. Libraries are free and librarians are eager to help you. Use that invaluable resource wisely.
Cover image credit: via Wikimedia Commons