How Depression, FDR Gave Us Social Security
April 1, 2005
To understand why the Social Security retirement program faces a $5 trillion financial shortfall over much of the 21st Century, we need to look back at some of the darkest years of the 20th. An unemployed man, 1935, in a shantytown. Social Security also established nationwide jobless insurance. The Great Depression swept across America in the early 1930s, leaving more than one-quarter of the work force unemployed. In some states …
Will Social Security Stay Afloat Or Sink Us?
April 1, 2005
The House Ways and Means Committee launched crucial hearings on the future of Social Security a few weeks ago, with testimony from the head of the Government Accountability Office that the retirement system “does not face an immediate crisis.” Just as the R.M.S. Titanic did not face an immediate crisis when the S.S. Baltic relayed a warning of “passing icebergs and large quantity of field ice” ahead. Social Security’s crisis …
Shortfall Threatens Long-Term Tsunami Relief
April 1, 2005More than two months have passed since the Indian Ocean tsunami disaster. The number of people confirmed dead, or missing and presumed dead, stands at 290,713 and is expected to rise. Immense international support has seen to it that victims in many of the accessible regions have basic necessities such as food, clothing, medical supplies and temporary shelter. But as many governments and international relief organizations shift their focus toward …
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