AUTHOR UNKNOWN

I. Nature of the Problem Social Security is not a problem right now; in fact, it runs a large surplus every year. However, Americans are living longer, and drawing more Social Security payments than they ever put in. Early in the next century, we will be paying out more than we take in, and Social Security will have to dip into its surplus, which is currently used by the federal government for other spending. When …

…over the age of 65 qualifies, regardless of their income. 40% of retired persons depend on Social Security as their only means of income. However, people like Ross Perot, and Bill Gates, and other multi-millionaires, are eligible for social security. What means-testing refers to is that if someone did not need Social Security, they would not be eligible to get it. Those who can support themselves through retirement at $50,000 a year should not be eligible for it.