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Future of Social Security
Paperback
Series: Studies in Social Economics
Personal FinanceGeneral Political Science
ISBN13: 9780815758952
Publisher: Brookings Institution Press
Published: Apr 1 1977
Pages: 206
Weight: 0.68
Height: 0.47 Width: 6.00 Depth: 9.00
Language: English
From a modest beginning in 1935 to an income replacement scheme for workers in commerce and industry, the social security system has grown to cover 90 percent of working Americans. It now pays $78 billion a year in benefits and is obligated to pay $4 trillion in future retirement benefits to workers now covered. With a projected tax rate of 30 percent of gross wages by the year 2050 to meet its obligations under current law, the system, in the author's words, is at the most crucial juncture of its forty-year life.
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