President Franklin Roosevelt in his first term faced the one of the greatest economic challenges in our history, the Great Depression. The 1930’s was a time in America when the largest group of Americans that lived in poverty was the elderly. Roosevelt compromised with conservatives in the 74th US Congress to pass the Social Security Act of 1935.
The Social Security Act established a tax-based retirement system that since it started paying benefits in 1940 has paid for itself and made the elderly one of the smallest group of Americans that lives in poverty. Social Security has created a surplus through the years that is in a Trust Fund of US Treasury Notes.
Through the years Social Security has been modified to make sure that it pays for itself. When we hear Republicans talk about the end of the Trust Fund in 2033 we need to tell the members of Congress to do their job and reform the program that has reduced poverty in our country without once contributing to the national debt.
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