Social Security has reduced the number of senior citizens living in poverty, to 10.8% in 1996 from 35.2% in 1959. According to a recent study by the AICPA, however, if Social Security were eliminated, the poverty rate among the elderly could climb as high as 54%.
Source: Understanding Social Security: The Issues
and Alternatives , AICPA. Copyright
1998 American Institute of CPAs.