Appetizer

Have you ever wondered why your grandmother receives monthly checks in the mail for hundreds of dollars? More than likely they're not her pinochle winnings from the local senior citizens' center - she's probably collecting her social security payments. For over 54 million retired or work-disabled Americans, this monthly stipend is the lifeblood that helps cover the costs of every day living.

Born from President Franklin Roosevelt's New Deal entitlement policies, Social Security functions as a system of social insurance in which workers and employers invest portions of their earnings into government-managed trust funds. These funds pay out retirement benefits, upon injury, disability payments, and in some cases death benefits.

Social Security comprises 23 percent of the yearly federal budget, making it the largest and most comprehensive of all government-sponsored programs. To put its assets into perspective, reports suggest that nearly 80 percent of American citizens pay more on their Social Security tax than they will on their federal income tax (translation: that's a lot of money).

Recent forecasts, however, question the sustainability of the program - numerous studies have suggested the baby boomer generation will eventually suck the whole system dry. While some analysts agree with these predictions, others believe the system possesses the longevity to last through such conditions. Both camps, however, agree that something must be done to aid Social Security as, she too, weathers old age.

Whether this means increasing the retirement age, drastically altering the framework of Social Security to a system of privatization, or even raising taxes and cutting services, these are the tough choices that a new generation must address.