For our first installment we will examine how Social Security works for America as a whole.
Since President Franklin Roosevelt signed the Social Security Act at approximately 3:30pm on August 14, 1935, it has provided economic security for millions of Americans.
Currently, the Social Security Administration provides benefits to:
• More than 52.5 million total beneficiaries including:
• 9.7 million disabled persons under age 65 and dependent family members
• 6.4 million survivors of deceased workers
• 36.4 million retired workers and their families
To these millions of beneficiaries Social Security has paid out trillions of dollars:
• In 2008 the Social Security Administration distributed benefits totaling a little over a trillion dollars
• Since 1937, over $15 trillion has been paid out to beneficiaries
But the truly remarkable thing is that while providing trillions in economic security to millions of Americans, the Social Security program has built up a huge surplus. The graph below shows the build up of $2.5 trillion in assets since 1987.
By 2023, the surplus is estimated to grow to $4.3 trillion.
There is no Social Security crisis; Social Security works for America.
This blog series is a joint project of America’s Future and Social Security Works.