compiled responses on the purpose of Social Security

[National Dialogue Moderator <moderator>]

		WOMEN AND MINORITIES ROUNDTABLE
			May 24 and 25


Compiled responses from panelists' on Moderator's question regarding what
Social Security is supposed to be -- its primary purpose.

TO PROVIDE A SAFETY NET
-A safety net program.
-Assistance for the young as well as the old, spouses and children.
-Insurance for workers and their families at all ages.
-A comprehensive insurance program -- it provides protections for workers
and families of workers with shorter than average life spans.
-An income floor (retirement benefits and the survivors and disability
insurance)

INTERGENERATIONAL CONTRACT
-An intergenerational compact whereby younger pay for the benefits of the
elderly in exchange for the government's assurance that current workers
will receive benefits from future generations.

RETIREES INCOME
-Financial help for retirees
-To help Americans achieve a decent standard of living in old age.
-To reduce the rate of poverty among the elderly and disabled.
-A retirement program
-A guaranteed retirement income for elderly women, African Americans, and
 Hispanic Americans which as a community have a lower rate of pension
 coverage and are disproportionately represented among low-wage workers.
-An option for early retirement.
-A forced savings plan for retirement
-Not designed to be a complete retirement system

SOURCE OF INCOME
-An essential, universal source of income that should remain a guaranteed
 benefit
-A personal retirement savings account

UNIVERSAL
-Universal participation.
-Helps as many as possible at minimal cost

FINANCIAL TOOLS
-Gives everyone, particularly women and minorities, financial tools to
 build lives based on self-determination
-A system in which funds are transferred from men to women
-An opportunity for individuals to provide for themselves at retirement and
 pass on assets to their children
-An individual (movable) asset

INSURANCE PROGRAM
-A total insurance program
-A social insurance
-Individual insurance
-Family oriented insurance program
-Having no equivalent offered in the private sector (no private insurance
 company would want to offer disability, full-life (term and annuity) and
 index the benefits to inflation, and family size (including the possible
 divorce of spouses.) )

PROGRESSIVE
-Having a progressive benefit formula
-Extra progressive for minorities and women because of its family focus,
 and because the benefits are "indexed" to family size

EQUALIZER
-Balances individual and family equity with social adequacy
-Is fair across families with different economic structures

OTHER ASPECTS
-Consumes 12.4 percent of every worker's income (up to the maximum taxable
 amount, $72,600 in 1999) and gives us a minuscule stipend in return
-Faces an unfunded liability of $9.5 trillion

PUBLIC VIEWS
-A means whereby the wealthy and powerful can place the burden of providing
 a safety-net for the poor and helpless upon others who are also poor or at
 best only middle class
-Should be changed to a system of mandatory personal accounts funded by
 payroll taxes with a safety-net funded by progressive general taxes

Compiled by Laurie Maak