Social Security: A Program Worthy of Reform

ssreport2015Social Security is an entitlement program funded by tax dollars placed in a trust fund. An individual qualifies to receive benefits when a particular age is reached or because of other eligibility requirements. This New-Deal era program was signed into law by President Franklin D. Roosevelt as the Social Security Act on August 14, 1935 and has changed periodically since it began. Taxes to fund the program were collected for the first time in January 1937 and one-time, lump-sum payments were made in January 1937. In January 1940, the program changed to provide for an annuity type of disbursement with regular ongoing monthly benefits.

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