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Social Security represents the best of American ideals

By Marilyn Watkins

My grandmother died in February, at the age of 100. Until she was 95, she lived in a mobile home in Vancouver, Wash., that she and my grandfather purchased just before his death in 1971. My grandparents worked hard and lived frugally, but their son's serious illness and a disastrous fire wiped out their savings. For decades, Social Security provided most of my grandma's income. She didn't have much money, but she always looked elegant, had homemade cookies for her grandchildren, and gave to charity.

I thought about my grandmother when the annual report of the Social Security trustees came out last week. The report projects the program's finances through 2085. As a whole it shows that Social Security is fundamentally healthy, but the introduction produced by political appointees warns of looming financial problems.

The report projects that when my sons, who are just entering the workforce, reach retirement age, both workers and retirees will have considerably more buying power than they do today. In 2050, Social Security taxes at the current level will finance benefits for the typical retiree worth more than $20,000 in 2008 dollars. Today's average annual benefit is $12,800.

Unfortunately, a reader has to wade through hundreds of pages and apply enough math to pass the seventh-grade WASL to arrive at that reassuring conclusion. Even more unfortunate, the years of propaganda by Social Security's opponents have convinced many Americans that the system is in trouble. Most young people I talk to assume that Social Security won't be there for them. And why wouldn't they, when the press and politicians from both parties have parroted the "crisis" line for years?

I have good reason to champion Social Security. Both my grandmothers lived well passed 90. Because their basic needs were covered, my parents could invest in educating their children and saving for their own retirement. I was able to go to college, and now don't have to worry about supporting my parents. And 11 years ago my husband died suddenly. Our sons were 9 and 11, and I was in a "mommy-track" job. Until my boys turned 18, we received survivors benefits, allowing me as a single mom to maintain financial stability. I will always be grateful.

Social Security is one of the great gifts bequeathed to us by earlier generations of Americans. Here in Washington, nearly 1 million people -- 15 percent of our population -- rely on Social Security. That total includes 82,000 widows and widowers, 130,000 disabled workers, and 66,000 children, along with retirees.

One of the great things about Social Security is that benefits are based on both how much you contributed as a worker and how much you need. Married couples get higher benefits than singles, and those with dependent kids get even more. Benefits for seniors last for life. And when a young worker dies leaving dependent children, or becomes disabled, the family can count on benefits.

Contrast this with private retirement plans. Half the workforce has nothing, and most of those with a plan have a 401(k) or the like, where retirement benefits depend on a combination of how much you earn and pure luck. No matter how wisely you invest, no one can guard against swings of the economy that may wipe out a large portion of savings just when you reach retirement.

Savings can also run out, if you have the misfortune to live too long. No one could have predicted that my grandma would be the one out of her eight siblings to make it to 100. And if a young parent dies, the younger the children, the less retirement savings there will be to help support those kids.

Fortunately, Americans had the good sense to roundly reject President Bush's privatization scheme. Now the presidential race gives us the chance to debate our core values. For me, Social Security represents the best of American ideals. It affirms that we each have a responsibility to contribute, all work has value, everyone deserves to live in dignity, and all of us have a stake in the well-being of our neighbors. The mantra of this election may be change, but Social Security is a fundamental American institution we need in the 21st century.



Marilyn Watkins, policy director of the Economic Opportunity Instititue (www.eoionline.org), writes every other Wednesday. Her e-mail address is marilyn@eoionline.org.