The Social Security Act of 1935 went a long way to help the U.S. transition to a developed nation. Initially, the constitutionality of the act was called into question and the Supreme Court opined in 1937 that the SSA was constitutional.
From the preamble:
An act to provide for the general welfare by establishing a system of Federal old-age benefits, and by enabling the several States to make more adequate provision for aged persons, blind persons, dependent and crippled children, maternal and child welfare, public health, and the administration of their unemployment compensation laws; to establish a Social Security Board; to raise revenue; and for other purposes.
In 1939, the act was amended, “this change transformed Social Security from a retirement program for workers into a family-based economic security program.” Another change occurred in the 1950s. In 1965, the medicare amendment was passed. Finally, welfare was reformed in 1996.
Most white and blue collar workers pay into the system, however, the likelihood these future retirees will see their money again is growing dim. After decades of changes to the initial act, is it time to end Social Security?
No. Social Security is fine. The Maximum Taxable Earnings should be adjusted to $200,000. Next, the SS trust fund needs to be put back into place and a law needs to be written which disallows the federal government from borrowing from it again.