Why Social Security Works A speech by Nancy Altman

Kandice attended the City Club of Cleveland Forum on July 31. The City Club Forum is the longest continuous independent free speech forum in the country and is generally considered one of the top three speaking forums in the United States. The City Club has hosted sitting U.S. Presidents and Vice-Presidents and other notable citizens of the United States and the world.

Appearing on July 31 was Nancy Altman, author of the book “Social Security Works.” The title of her speech was “Social Security Works! Why Expansion will Make it Even Better“. Ms. Altman explained that Social Security is not in trouble like the scare-mongers would have you believe and has always paid for itself. Social Security is NOT a drain on the Federal budget and never has been. Even if there are no changes whatsoever, the benefits can be paid until 2034 and again, if nothing is done, benefits will be payable at 75% after 2034. That is with nothing being done to tweak the system.

Ms. Altman explained that expanding the benefits of Social Security—paying more each month to recipients, will give people more buying power, which will increase jobs, which will increase the amount being paid in to Social Security each month. She noted that while raising the retirement age might not affect white collar workers, laborers and service sector workers use their bodies more and have to retire earlier in many instances because their bodies just can’t do the hard work any longer.

Altman also pointed out that in our new economy, more people were self-employed and were not paying as much into the system for themselves as if an employer were taking out the tax automatically. This will affect the amount that the person receives at retirement age.

Altman founded a non-profit organization also called Social Security Works to lobby Congress and other policy makers about the real issues surrounding Social Security. We are happy to note that the National Organization of Social Security Representatives (of which Scott a board member) is a member of the coalition comprising the organization.