Conclusion

The Council believes that the adoption of the recommendations made in this report will increase markedly the effectiveness of social insurance as a method for providing security to the American family when income is cut off in old age or by total disability or death. Moreover, adoption of these recommendations will make sure that the existing social security program will continue on a financially sound basis and that the proposed extension of the social insurance principle to cover hospital insurance for the aged and the permanently and totally disabled will be soundly financed.

The Council has no doubt that the changes herein recommended will be the final step in the development of the American social security program. In the opinion of the Council, the proposed changes would do no more than make improvements that are clearly indicated by experience with the social security program up to the present time. Consequently, the Council urges that every 5 years or so Advisory Councils be formed to review the substantive provisions of the program as well as its financing.

The Council believes that social insurance is an institution that is basic and vital to the economic security of almost every American family, and that because of its great importance it must be constantly re-examined and brought up to date. The fulfillment of the promise of social security for the American worker and his family which was implicit in the original Social Security Act will depend on continuing wisdom and alertness to make sure that our use of the social insurance mechanism to combat insecurity among our people is adapted to changing needs and conditions inherent in our dynamic society.