In any event, to the extent that the social safety net is meant to share the gains of American capitalism with its casualties, our current arrangements for children, younger workers, and even workers in their middle years are not very effective. By contrast, our provision for the elderly through Social Security pensions and Medicare has been quite successful. The major risk in old age is that we will not have had a sufficient income to accumulate savings over a working life-or that we myopically will have failed to do so. And there is also the considerable risk that our medical expenses will be highest just when medical insurance is least affordable. While life on Social Security alone can be pretty sparse, the combination of Social Security and Medicare addresses these risks pretty well.
Real coverage is nearly universal.
Notwithstanding its regressive tax structure, the Social Security pension system has worked to eliminate poverty because of a substantially progressive benefit schedule. Enter ideology stage right. The major threat to Social Security and Medicare is privatization. Far from it. But this is not the place to debate the pros and cons of various pension financing arrangements.