From Today’s New York Times, here’s an interesting reminder about the core value of the Social Security system, in an era of disappearing private retirement programs:
The availability, stability and value of traditional defined benefit pensions are diminished. Americans are experiencing dramatic losses in 401(k) and I.R.A. retirement savings accounts. Home equity is shrinking. Employers have been bailing out of retiree health plans. Unemployment is increasing and now, faced with mounting pressures, some employers are reducing contributions to 401(k) plans.
This unfortunate state of affairs serves to remind the nation of the importance of the core mission of Social Security â€” to provide widespread and basic protection against loss of income due to death, disability or retirement.