The federal Old-Age, Survivors, and Disability Insurance program is getting a lot of attention on its 75th anniversary.
Billy Feitlinger is Executive Director of the Wisconsin Alliance for Retired Americans. “We feel very strongly, if it is not the greatest program that the federal government has done, it’s clearly one of the most successful programs. And we feel very strongly right now that it’s under attack.”
Feitlinger says Social Security has, in some way, impacted almost every American since being signed into law in 1935, and continues to provide an economic lifeline for millions of people — and not just old folks. “If it wasn’t for Social Security about 35 percent of the people in this country who are retirees would be in poverty. Over 45 percent of … disabled workers, and about 15 percent of kids 18 and under would all be in poverty today if it wasn’t for Social Security.”
His group believes Social Security needs “modest” adjustments so that future generations can make use of the program. Feitlinger says “radical surgery” of the entitlement program is not necessary. “Especially since Social Security has not contributed one penny to the federal deficit.”
He’d like to make sure Social Security is in a lockbox; and remove the Social Security cap. President Franklin Roosevelt signed Social Security into law on August 14, 1935 as part of his New Deal.