Learn more about what Americans have said on President Bush's handling of Social Security and other issues on the topic from a March 2005 survey conducted by the Pew Research Center.

Read a feature story about some of the first baby boomers of Eau Claire, who will be eligible for Social Security benefits next year, in an October 28 article by reporter Brad Bryan of the Eau Claire Leader-Telegram.

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Social Security future hard to predict, concerns voters

Audio version of this story    According to a March 2005 survey of 1,502 adults ages 18 and older, by the Pew Research Center, Americans under the age of 30 are less likely to follow the issue of Social Security in the news very closely than those 50 and older. (Chart by Dana Kastenson; information from The Pew Research Center for the People and Press)

It is the little card with those nine digits needed for various reasons.   Like most Americans, Theresa Strey knows and uses her Social Security number for job applications and applying for college financial aid.  But the sophomore at the University of Wisconsin–Eau Claire said she hasn’t thought much about the money she could receive once she turns 62.  However she sees her generation ending up short in Social Security benefits in 30 years. 
“It seems that the older our generation gets, we won’t receive enough of the money,” she said.
The issue of Social Security is nothing new.  According to David Schaffer, associate professor of economics at UW-Eau Claire, Social Security has become a subject of debate in elections since the 1970s. 

Part of the New Deal legislation enacted by President Franklin D. Roosevelt in 1935, the Social Security Act initally provided Americans with financial assistance, especially the elderly. Shaffer said that it was geared toward this demographic as a result of the stock market crash in 1929.
"Many people had saved just enough money for retirement before the Great Depression by putting it in the stock market," he said. "In some cases, they lost all of it, or most cases lost half of it in the stock market crash of 1929."

Since then, Shaffer said that Social Security has remained relatively the same, with some programs evolving over time to meet current needs. However, in the 1960s and 1970s Shaffer said that as the government began to reform New Deal programs, Social Security first became an election issue.

Now as the 2008 election approaches, many voters are wondering what Congress will do next with Social Security.

Ryan Luthi, a senior at UW-Eau Claire, said that while Social Security is relatively a good system, he is concerned about what Congress is doing now to preserve it for the future.

"If we (Americans), know it's running out, what will they (Congress), do about it?" he said.

However, others say that Social Security is a way to help Americans who have worked throughout most of their lives.

UW- Eau Claire Junior Dale Gibson said that she is not bothered by contributing to Social Security since it goes to many Americans who have worked for the country.

The issue on Social Security was topic in many past presidential elections such as the 2000 election between George W. Bush and Al Gore and the term "locked box." However it has been a subject of interest in congressional races as well. The seat in the Wisconsin third congressional district, covering Eau Claire, as well as majority of Western Wisconsin is up for election next November. Democratic Congressman Ron Kind who has represented the area since 1996, has taken interest in this subject as well.

Kind's legislative director, Kate Spaziani said Social Security is an important issue as it is safety net for many Americans.

"It's a feature of democracy," she said. "(Kind) recognizes this and is concerned that not everyone is recognizing that there are problems with it"

To generate more interest in the future of Social Security, Kind has co-sponsored legislation entitled the SAFE Commission Act of 2007. This act would approach topics on Social Security spending as well as Medicare and Medicaid with a bipartisan commission. Spaziani said with this bill, Kind hopes to not only address the situation in Congress but among voters as well.

The Republican Party has not yet announced a candidate for the 2008 congressional election, however according to president of the UW- Eau Claire chapter of the College Republicans Tom Burton, said that while Social Security will always be an election issue, ones such as the status of the economy and the War on Terror could me more of a determining factor in the next election and overshadow Social Security.

As for how Social Security will be regulated, Burton said that President Bush, as well as many other Republicans want to allow Americans to put some of their Social Security into private accounts that would be similar to a Roth IRA .

"The plan would be entirely voluntary," he said. "The party would like to allow people to be able to save more and get more in return."

Those who do receive Social Security say its an important source of income and helps beneficiaries continue function.

Henrietta Dickerson, a Social Security recipient who attends the L.E. Phillips Senior Center in Eau Claire, said that Social Security gives the elderly stability.
"It offers them a floor and keeps the elderly from being destitute." she said.

Before Social Security, Dickerson said, money was scarce, especially for the elderly, however, with this program, she said it gives those in her age group dignity.

But for those who have to wait another 30 to 40 years to see benefits, some see an imbalance in the rate of return.

“It almost seems unfair that we’re paying into it now and won’t get much of it back,” Strey said.

Schaffer said in the next couple of years spending trends in Social Security would remain the same, however, small changes would need to happen to keep them going for a longer period. Such things he said would range from raising the retirement age from 65 to 67, to means testing those for using factors such as income, or to raising payroll taxes.

However, Schaffer said a main concern about Social Security , especially for the elderly, is to maintain a balance between financial and well-being in life.