Seventy-three years ago today, President Franklin Roosevelt signed the Social Security Act. Since then, “Social Security has been a pay-as-you-go public pension scheme in which the current generation of workers’ taxes go to pay benefits to present retirees and, in exchange, future generations of workers will pay for current workers when they retire,” notes Matt Yglesias. Sen. John McCain (R-AZ), who received $24,000 in benefits last year, believes this system is an “absolute disgrace.” Watch it:
“Maybe his answer to the retirement crisis is to do as he does: work until you’re well into your 70s. Working becomes the new retirement with Sen. McCain,” writes Christian Weller of the Center for American Progress Action Fund.