Final answer:
Social Security is a government program that provides benefits to retired workers. Higher-income people have greater Social Security wealth than lower-income people on average. A major rationale for having Social Security is to provide economic support for the elderly.
Step-by-step explanation:
Social Security is a government program that provides benefits to retired workers. It is funded through a payroll tax, which is regressive in nature. This means that lower-income earners contribute a larger percentage of their income to Social Security compared to higher-income earners. However, higher-income people have greater Social Security wealth than lower-income people on average.
One major rationale for having Social Security is to provide economic support for the elderly. Social Security benefits serve as a main source of income for many retired individuals, helping to prevent poverty among the elderly.