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Social Security Administration: Social Security Program
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The Social Security Administration has released Social Security Programs Throughout the World: Africa, 2005, part of a four-volume series that provides a cross-national comparison of the social security systems in 44 African countries. It summarizes the five main social insurance programs in those countries: old-age, disability, and survivors; sickness and maternity; work injury; unemployment; and family allowances. The other regional volumes in the series focus on the social security systems of countries in Europe, Asia and the Pacific, and the Americas. The report is available online at: http://www.socialsecurity.gov/policy/docs/progdesc/ssptw/2004-2005/africa/index.html.
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"The Social Security Administration (SSA) came into being on July 16, 1946. Prior to this time, the Social Security program was administered by a three-person Social Security Board. The Board was abolished in a government reorganization and replaced by the SSA, with a single Commissioner as its head." [1]
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In the early 1980s the Social Security program faced a serious financing crisis. President Ronald Reagan appointed a blue-ribbon panel, known as the Greenspan Commission, to study the financing issues and make recommendations for legislative changes. The final bill, signed into law in 1983, made numerous changes in the Social Security and Medicare programs, including the taxation of Social Security benefits; the first coverage of federal employees; raising the retirement age starting in 2000; and increasing the reserves in the Social Security Trust Funds.
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The Social Security program was established by the Social Security Act of 1935 and is administered by the Social Security Administration. The program has two components: Old-Age and Survivors Insurance ( OASI), which provides benefits to retired workers and their families and to the survivors of deceased workers; and, Disability Insurance ( DI) which provides benefits to disabled workers and their families. At the end of December 2002, there were 46.4 million Social Security recipients.
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* Under the current system, a 22 year old person who works for the next 45 years earning $30,000/ year will contribute $167,400 to the Social Security program. When he or she turns 67 years old in 2045, all of the money they have contributed will be spent. Any old age benefits they receive would come from taxes paid by younger workers. [190][191]
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From 1940 until 1950 virtually no changes were made in the Social Security program. Because the program was still in its infancy, Social Security's retirement benefits were very low. In fact, until 1951, the average welfare benefit received under the old-age assistance provisions of the Act was higher than the average retirement benefit received under Social Security. Only about 50% of America's workers were covered under the program at that time. In 1950 major amendments were enacted. These amendments raised benefits for the first time and placed the program on the road to the virtually universal coverage it has today.
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