Social Security (United States)

Social Security in the United States is a social insurance program funded through a dedicated payroll tax. It is also known as the Old Age, Survivors and Disability Insurance program (OASDI), in reference to its three components. In the calendar year 2004, it paid out almost $500 billion in benefits. http://www.ssa.gov/OACT/STATS/t4a3Outgo.html

Political developments

On February 2, 2005, President George W. Bush made Social Security a prominent theme of his State of the Union Address. He described the Social Security system as "headed for bankruptcy", and outlined, in general terms, a proposal based on partial privatization. Critics responded that privatization would worsen the program's solvency outlook and would require huge new borrowing. For further information, see Social Security debate (United States).

Related Topics:
February 2 - President - George W. Bush - State of the Union Address - Privatization - Social Security debate (United States)

~ ~ ~ ~ ~ ~ ~ ~ ~ ~