"insurance", and point out that it is used for disability and survivors' insurance as much as for retirement benefits.
That seems to be the big forgotten aspect when ever the big "privatization" scam is mentioned.
The original name for Social Security was the Old-Age, Survivors, and Disability Insurance program, OASDI.
PRESERVING SOCIAL SECURITY, PROTECTING DISABILITY INSURANCE (AS PREPARED FOR DELIVERY)
“Mr. President, Social Security is the most enduring, popular, and successful government program in our nation’s history. When Social Security was created in 1935, nearly 50 percent of seniors lived below the poverty line. Americans did not look forward to retirement, they feared it. But today, thanks largely to Social Security, the number of seniors living in poverty has been reduced to 10 percent -- and most Americans are able to look forward to retirement as their “golden years.” This is an extraordinary achievement.
“To understand this success, let’s be clear what Social Security is not. It is not welfare; only those who work and pay Social Security taxes are eligible for benefits. Likewise, Social Security is not an investment program; for that, we have IRAs, 401(k)’s, Individual Development Accounts, and a vast range of private saving-and-investment accounts.
“So what is Social Security? Simply put, it is an insurance program. It was established in 1935 to provide benefits to workers and their family members upon retirement, disability, or death. In fact, the original name for Social Security was the Old-Age, Survivors, and Disability Insurance program, OASDI.
“Social Security is an insurance program that embraces almost the entire American family. It is the highest expression of our connection and commitment to each other. It reflects our core values, our compassion, and our decency . . . . our bedrock belief that no senior, no orphan, no survivor, and no person with disability – no member of our American family -- will be left behind.
“We see this in our own families. In good times, in normal times, the individuals in the family are independent, self-sustaining, going their separate ways, building a good future. But in times of misfortune, financial crisis, old age, or death, that’s when the individuals in the family pull together. They come together – sacrificing if necessary – to give aid and comfort to the family member in need.
“As Americans, we all respect the virtues and benefits of the free marketplace. We believe in individual responsibility. However, we also know that sometimes markets fail, and sometimes people fall on hard times through no fault of their own. That is exactly why we have the Social Security insurance program: To provide a basic safety net for the elderly, for survivors, and for Americans with disabilities.
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more...
http://harkin.senate.gov/press/print-release.cfm?id=231664