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An essay on the importance of Social Security
An essay on the importance of Social Security
An essay on the importance of Social Security
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In 1935, after bank failures and a stock market crash had wiped out the savings of millions of Americans, the nation turned to their president to guarantee the elderly a decent income. In those days, only a handful of workers had access to pensions from their employers or through State governmental pension programs. Over half of America's elderly lacked sufficient income to be self-supporting. The Social Security Act was enacted at the urging of President Franklin D. Roosevelt to create a social insurance program that ensures workers would have a source of income after they retired.
In the decades that have followed, Social Security has become one of the federal government's most popular and essential programs. Despite all our efforts to encourage savings and investment, the private retirement picture has not changed much in recent decades. Even today, barely half of all workers have access to retirement plans at work, and millions reach retirement age without enough private savings to provide an adequate living in retirement. Social Security is still the foundation for most seniors' retirement. Without this critical safety-net program, over half of all older Americans would fall into poverty. Social Security does exactly what it was designed to do. It gives retired people a secure, basic income for as long as they live. At the end of 2005, more than 48 million people were receiving Social Security benefits: 33 million retired workers and their dependents, 7 million survivors of deceased workers, and 8 million disabled workers and their families.
Over time, the Democratic Party has implemented changes to the Social Security program in order to adjust to changing times. In 1965, President Lyndon B. Johnson proposed and later signed the legislation to create Medicare. The Medicare program was added to provide universal, affordable health care benefits to retirees. Medicare is the largest health insurance program in the United States. At the end of 1966, Medicare served approximately 3.9 million individuals. As of 2003, it serves about 41 million people. There are 5.6 million Medicare beneficiaries enrolled in managed care programs.
Medicare is an entitlement program similar to Social Security and is not based on financial need. Medicare benefits are available to all American citizens over the age of 65 because they or their spouses have paid Social Security taxes through their working years. Since Medicare is a federal program, the rules for eligibility remain constant throughout the nation and coverage remains continuous regardless of where an individual receives treatment in the United States.
Throughout the 20th century governmental responsibility has made remarkable progress. One major milestone of the widening of the responsibility of the federal government was it’s making an obligation to care for the elderly and retired in the form of social security. In 1935, the Social Security Act was enacted by the federal government to provide financial security to the elderly, retired citizens in America. Although the federal government first took on this responsibility in 1935, it is still affecting our lives today. However, social security would not have advanced this far without many organizations and individual reformers to begin and improve social security throughout history.
The original intention for creating social security was to act as a safety net for retirees, but as time past, there seems to be a great deal of economic issues relating to the program. Social security was created to help benefit retired workers, spouse and children of deceased workers, as well as workers who have become disabled before retirement. This insurance program provides retirees with a steady income once they retire. President Roosevelt signed the program into law on August 14,1935. Since then, social security has been beneficial for many workers and retirees. In fact, social security has become the main source of income for many retirees.
The bill created a Job Corps similar to the New Deal Civilian Conservation Corps; a domestic peace corps; a system for vocational training. The bill also funded community action programs and extended loans to small businessmen and farmers. This helped people to get jobs with good wages.Then came the Medicare Act of 1965 which help people to get better health coverage. “No longer will older Americans be denied the healing miracle of modern medicine. No longer will illness crush and destroy the savings that they have so carefully put away over a lifetime so that they might enjoy dignity in their later years” (1) In 1964 more than 44 percent senior had no health coverage or insurance. Senior citizens were dragged down to poverty as they were not able to pay the medical bills. But after the Medicare Act of 1965 which provide everyone with the medical coverage of all people age 65 and above this issue was almost solved. Along with the Medicare, the Johnson Administration established the Medicaid program to provide healthcare to the poor. Different from Medicare, this Federal-state partnership is largely determined in form and construct by each individual state. In the first three years of the program, nearly 20 million beneficiaries were enrolled
The New Deal occurred in 1933 when 13 million American workers lost their jobs. As a result of the massive job loss, thousands of workers demanded union recognition, unemployed Americans demanded food and shelter, and farmers demanded higher process on their goods. Federally funded jobs and social welfare programs to help the poor were set up by President Roosevelt in order to please the demands of the American people. The New Deal was established with the intention of improving lives, to save capitalism, and to provide a degree of economic security. In 1935, President Roosevelt passed the Social Security Act which, according to Katznelson, Kesselman, and Draper, “offered pensions and unemployment compensation to qualified workers, provided public assistance to the elderly and the blind, and created a new national program for poor single mothers” (332).This act allowed states to set the benefit level for welfare programs, which was set quite low (Katznelson, Kesselman, & Draper, 331-334). The Great Society programs were established by Lyndon Johnson in 1964 when Johnson declared war on poverty. This was would be the action that initiates the Great Society programs. The government used the New Deal as a foundation to build new welfare programs. Medicaid and Medicare were created to help poor and old people with their medical costs. Head Start was established to help low income
The Social Security Act was passed by President FDR as one of his programs to fight the Great Depression. The Social Security Act was enacted August 14, 1935 (Social Security Act). The current problem is the fear of what will become of Social Security as the baby boomers generation begins to retire. As millions of baby boomers approach retirement, the program's annual cash surplus will shrink and then disappear. Then, Social Security will not be able to pay full benefits from its payroll and other tax revenues (Social Security Reform Center – Problem). This is causing the U.S. government to think about reform and changes for the ...
Medicare was designed as a universal healthcare program for individuals 65 years old and older. This program is funded by Medicare taxes and general federal funding withholding taxes. Medicare is a partnership between federal and state with the goal to provide medical insurance to the elderly that is poor and disabled. Generally all people who are 65 years or older and qualify for social security will automatically qualify for Medicare.
In 1965 President Johnson signed both Medicare and Medicaid programs into law (Nile, 2011). According to Medical news today, “Medicare is a social insurance program that serves more than 44 million enrollees as of 2008” (MediLexicon International Ltd, 2011, para2). It cost about $432 billion or 3.2% of GDP, as of 2007(par2).Medicare is broken down into parts, Part A is hospital Insurance Part B is medical Insurance, and Part D is Medicare prescription drug coverage (medicare.gov). Like we previously stated Medicare is a health insurance for people who are 65 and older, people under 65 with certain disabilities, and people of any age with End- Stage Renal Disease. Medicaid is a joint federal-state program of medical assistance for low income persons (Benefit.gov). It is administered by the Illinois Department of Human Services (DHS) and Illinois Department of Public Aid (IDPA). Medicaid serves about 40 million people as of 2007; it cost $330 billion, or 2.4% of GDP, in 2007.(par.2) “In Illinois you may be eligible for Medicaid if you are a child, pre...
Welfare has been a safety net for many Americans, when the alternative for them is going without food and shelter. Over the years, the government has provided income for the unemployed, food assistance for the hungry, and health care for the poor. The federal government in the nineteenth century started to provide minimal benefits for the poor. During the twentieth century the United States federal government established a more substantial welfare system to help Americans when they most needed it. In 1996, welfare reform occurred under President Bill Clinton and it significantly changed the structure of welfare. Social Security has gone through significant change from FDR’s signing of the program into law to President George W. Bush’s proposal of privatized accounts.
for Medicare, you must meet certain conditions. A person qualifies if they are 65 years of age
According to Medicare’s WebPage Medicare is a Health Insurance Program for people 65 years of age and older, some disabled people under 65 years of age, and people with End-Stage Renal Disease (permanent kidney failure treated with dialysis or a transplant). Medicare has two parts, Part A which is for basically hospital insurance. Most people do not have to pay for Part A. In addition it has a Part B, which is basically medical insurance. Most people pay a small monthly fee for Part B. Medicare first went into effect in 1966 and was originally administered by the Social Security Administration. In 1977 the control of it was switched over to the newly formed Health Care Financing Administration. Beginning in July 1973 Medicare was extended to persons under the age of 65 with certain disabling conditions. In 1988 Congress passed legislation to expand the program to cover health care costs of catastrophic illnesses.
Medicare was designed for beneficiaries sixty five years and older and enrollees who are permanently disabled and are unable to work. Medicare benefits are applied for at the Social Security office, where proof of eligibility is required. Medicaid however is health care benefits for those who are low income and do not have insurance through their job (Medicare.gov, 2008).
Medicare is the nation’s largest health insurance program. Generally, you are eligible for Medicare if you or your spouse worked for at least ten years in Medicare-covered employment and you are 65 years old and a citizen or permanent resident of the United States. Medicare-covered services include hospital insurance, inpatient hospital care, skilled nursing facility care, home health care, hospice care, and medical insurance (Medicare U.S.) With such an encompassing effect on the health insurance field, Medicare provides a haven for older individuals, and end-stage renal disease (ESRD) patients who require the best medical care for whatever possible reason. The only problem with this scenario is that doctors are turning many older patients away because they have Medicare. Why do doctors turn away Medicare patients? Is there a reason why certain doctors turn away certain patients?
Medicare and Medicaid are programs that have been developed to assist Americans in attainment of quality health care. Both programs were established in 1965 and are federally supported to provide health care coverage to vulnerable populations such as the elderly, the disabled, and people with low incomes. Both Medicare and Medicaid are federally mandated and determine coverage under each program; both are run by the Centers for Medicare & Medicaid Services, a federal agency ("What is Medicare? What is Medicaid?” 2008).
Medicare is a national social insurance program, run by the U.S. federal government since 1966 that promises health insurance for Americans aged 65 and older and younger people with disabilities. Being the nation’s single largest health insurance program, covering a large population for a wide range of health services, Medicare's funding is a fundamental part of it sustainability. Medicare is comprised of several different parts, serving different purposes, some of which require separate funding. In general, people at the age of 65 and older who have been legal residents of the United States for at least 5 years are eligible for Medicare. Same is true with people that have disabilities under 65, if they receive Social Security Disability Insurance benefits. Medicare involves four parts: Part A is hospital insurance. Part B is additional medical insurance, that Part A doesn't cover. Part C health plans, also mostly known as Medicare Advantage, are another way for original Medicare beneficiaries to receive their Part A, B and D benefits. Medicare Part D covers many prescription drugs, some of which are covered by Part B. Medicare is a major operation, not only needing adequate administering but the necessary allocated funds to keep this massive system afloat.
Social Security for the first time provided Americans with unemployment, disability and pensions for old age, which wasn’t there before and thanks to The Great Depression helps out all Americans that need economic relief while taking advantage of Social Security has arguably kept America out of economic chaos (“What is Social Security”?). The Great Depression led us to have a better economic system and changed economic thinking. Laws were passed in order to prevent another depression from happening. Although many years have passed since the Great Depression, things that were seen back then are still being seen today in 2014. High unemployment rates and low income among families forced to need the help of welfare are seen today as they were seen during the time of the Great Depression.