The Social Security Act is considered the first federal social welfare program in American history, being signed into law by President Franklin Roosevelt in 1935.
Amendments were introduced, including an amendment to allow Americans to opt out if their private pension system was more lucrative.
One main argument against a compulsory social security system was that it could discourage hiring, as it would increase the cost associated with each employee.
The historic effectiveness of the Social Security program must be evaluated, and ideally compared to the private pension systems which are becoming less and less prevalent.
The Social Security Administration's published outcome indicators are meant to be a starting point but come with additional complications and red flags.
The data notes that older individuals increasingly have insufficient savings to supplement Social Security payments, and that pension plans are being transitioned to defined contribution plans, which have associated risks that come with market changes.
There are warning signs which point to the Social Security fund being insolvent by the year 2035.
https://mises.org/mises-wire/social-security-and-decline-employer-pension-system
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