As you know, Social Security functions under the premise that today's workers will help finance benefits for retirees and that these workers will then be supported by the next generation of workers paying into the same system.

Summary

This quote explains the core concept of Social Security - it is a pay-as-you-go system where current workers contribute to financially support retired individuals, with the expectation that future workers will contribute in the same way. The idea is to provide a sustainable source of income for retirees by creating a continuous cycle of contributions from one generation to the next. This approach acknowledges the importance of intergenerational support and aims to ensure economic security for older individuals in society.

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