Ex-senator explains Social Security's past

Most Penn students probably worry more about the money taken out of their paychecks for Social Security than about how the program might actually benefit them. Now, some may know better. As part of the Annenberg School's Spring Lecture Series, former Sen. Robert Kerrey (D-Neb.) delivered the first of four lectures on Social Security, the first one titled "The Origins and Development of Social Security," to a standing room-only crowd of more than 100 students in Annenberg last Wednesday night. Kerrey retired from the Senate last year to take a position as president of New School University in New York. He is currently working with a team of New School and Penn graduates on an intense study of the history and life of Social Security. "Were it not for Congress putting its cotton pickin' hands on Social Security, it would not be the program we have today," Kerry told the audience. Kerrey noted that in order to best amend Social Security, lawmakers must first understand the original intent and development of the program. Since its inception in 1935, Social Security's mission has fundamentally changed, according to Kerrey, who added that prior to 1935, "there was no meaningful safety net that provided security [for seniors] in their elder years." In the 1950s through the 1960s, "it became much more than an assistance program; it became a retirement program," he added. Kerrey said that many misconceptions about Social Security still exist today. "Social Security is not an investment program," Kerrey said. "You hear people say 'It's not a very good rate of return'... Duh... its not supposed to be." Social Security was "not meant to be a welfare system," Kerrey said. If "you are 65 and count on Social Security and Medicare, you aren't going to be happy." He added that Americans can learn to save for their retirement responsibly if they have access to well-paying jobs and smart financial planning. The country "can invest [its] way out of the problem [of poor seniors] by investing in people," Kerrey said. While the topic of Wednesday's lecture was Social Security's development, Kerrey engaged in a lively discussion about how he believes the Bush Administration will handle Social Security. "I am not encouraged in the early days about what Bush will do for Social Security," Kerrey said. Some students shared Kerrey's skepticism about the future of Social Security. "I only wish that every American, especially the politicians, could sit down and listen to Kerrey place the [Social Security] debate in context," College junior Brandon Messina said.