The Social Security Act was enacted in 1935, and since then it has undergone numerous revisions and amendments. Today the act covers a wide range of benefit programs, including Medicare, unemployment compensation, and Supplemental Security Income. The major portion for which the Social Security Act has become known, however, is the Old Age, Survivors, and Disability Insurance program, or OASDI. While today the OASDI program is most frequently referred to as “Social Security,” it is only a thread in what has been called the “social safety net.” Therefore, throughout this paper, it should be understood that Social Security will be the term used to refer to all its encompassed programs as a group, as a matter of convenience.
Recent budget controversy in Congress and the media has once again brought to the forefront the pressing desire for fiscal responsibility in the United States Government. Although Congress came to a compromise over the budget in the proverbial eleventh hour, the extra attention afforded to the budget issue has reignited a lingering controversy: is the current system of transfer payment programs a financially viable one, or should these programs be recognized as an economic burden? As new waves of retirees stream into the system, it has once more become necessary to consider whether or not the U.S. Government can truly afford to keep the implicit promises it has made, and if the next generation to reach retirement age will see the benefits that it pays for current claimants to enjoy.
To begin with, it should be understood what the hallmarks of an “economic burden” are. Perhaps the most obvious point is that it should consume a large portion of funding. This distinction is awarded to the Social Security prog...
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...merica's Social Security System and How to Plan Now for Your Own Financial Survival. New York: Villard, 1991. 22. Print.
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Welfare can be defined as “systems by which government agencies provide economic assistance, goods, and services to persons who are unable to care for themselves” (Issitt). The United States welfare system is an extremely complex and unique entity that encompasses ideas and concepts from an abundance of different places. Many people believe the current system is an excellent resource for the population, while others believe the current welfare system requires reform and budget cuts to become effective.
The push for Congress to pass legislation protecting the rights of employees and their retirement was inevitable. Retirement plans are extremely important for all working individuals. Having funds to keep or exceed ones current standard of living and to enjoy one’s life beyond expectations after retire...
In America’s early days before the kickoff of industry, there was little need for retirement savings for a few key reasons. First of all, people were dying at a much earlier age; most people didn’t live past 38, whereas in 1900, 60 years of age was common for about 40 percent of the population and 15 percent experienced 80 years of life. Another reason for the irrelevance of social security in the 19th century and earlier was that people were usually living rurally on farms with extended families to take care of them. Furthermore, the Civil War also didn’t allow the government much economic room to consider providing a service such as social security. However, after the Civil War, pensions were a form of social security for civil war veterans that carried into their retirement. Unfortunately these pensions provided support for only a very small portion of the population; not even one percent of Americans received these pensions. Despite a much lower need for social security in the 18th ...
Social security was designed to assist constituents during financial hardship. The program insured non-Negroes who needed unemployment compensation, met retirement age requirements, or child welfare prevention programs. Despite its forward objective, critics’ perception of the social security program was depicted as legal thievery. M.A.’s candid retort to the government’s evasive program was simply to rape the pocket’s of the people. M.A. as well as others primarily prepared for retirement or a rainy day from stock returns. Contrarily, the social security program stimulated other economic restructures, which included limited full-time workers. The shift in the economy and Roosevelt’s failed promises created a wedge between the people and the government. For instance, Mrs. OM voices her views of President Roosevelt’s campaign as a misleading trick. She further explained
Social Security Administration, Social Security Programmes Throughout the World, Washington, 2008/2009; Heymann, J. et all, 2007.
Social Security is a system that was set up in 1935 after the Great depression to help people get through tough times. "Social Security is now used by nearly 44 million Americans"(policy.com). Only people who payed into social security are eligible to collect when they retire. Many people think that they receive the money they pay in but that is not total true. The money that you pay in is used for the people that are receiving it now. "In 1950 there were 16 workers for every beneficiary; today there are only three workers per beneficiary"(policy.com). There is more money going into social security then coming out now. The extra money goes into a trust to be used when it is needed. By the year 2032 those numbers are going to drop. By this time most baby boomers will be retired and collecting social security. This will put a big strain on the funds. There will be more money going out then coming in. And it will not take long to use all the money that is in the trust. By the year 2034 they will only be able to pay 75 percent of the beneficiaries. "The projected average monthly Social Security benefit in 2032 of about 1,100 (in 1998 dollars) would fall to about $800, and would drop further in later years. Average benefits for low-wage earners would drop from $670 to $480"(www.ssab). Theses cut would effect the people just starting to receive benefits and those who are already receiving benefits. And with each year these benefits will decrease. As these benefits continue to decrease "the percentage of aged people living in poverty would rise"(www.ssab).Most people believe this is happening because of the baby boomers generation. There will be more people taking from social security then giving in. By the time my generation is eliable to receive social security there may not be any money to give.
Scott, Barbara Marlene, and Mary Ann Schwartz. 2000. Sociology: Making Sense of the Social World. Boston: Allyn and Bacon.
Kendall, Diana. 2012. Sociology in Our Times: The Essentials, Edited by M. Kerr. Belmont, CA: Wadsworth.
Despite the retirement income crisis, Social Security should be expanded, not reduced. In Arthur Delaney’s article on the Huffington Post, Senator Bernie Sanders stated, “With the middle class struggling and more people living in poverty than ever before, we cannot afford to make life even more difficult for seniors.” A push to adopt CPI-E, rather than a switch to a “chained” consumer price index that cuts retiree benefits, would m...
Michael Jones worked his whole life. At the age of 15 he started as a dishwasher at a restaurant a mile away from his house. He never graduated high school because he had to quit school to help his single mom support a family of six. There were many times in his life where he worked two jobs, but at minimum-wage, if that, 80 hours a week still did not go far. By the age of 20 he was married, and soon began to have a family of his own. Michael is a simple man but a hard workingman. Michael rarely took vacations, worked 60+ hours a week, and raised four daughters of his own. After about 25 years of marriage Michael and his wife divorced. Recently Michael turned 65, and against his desire to keep working, his doctor suggested that he retire, due to suffering from two heart attacks, one when he was 50, the other when he was 62. For 50 years Michael has worked many jobs, unfortunately, due to his limited education, he often worked minimum paying jobs. During the first half of this working life he was supporting his family, and Michael was only able to save for retirement after his children had graduated college. Only his latest employer offered pension plan. Now after working his whole life, Michael is left with $305 a month from his pension, and $742 from Social Security. Social Security has become his major source of sustainment. The Social Security Administration (SSA), has become a lifesaver for Michael and most retirees. This paper will attempt to answer how the Social Security Administration came to be, and what it does for the country and its hard working citizens. It will give a brief overview on the history of the administration; what statutes give the agency its authorities; ...
Social security arose in 1935. Prior to that, the stock market crash of 1929 and The Great Depression caused family service agencies to become overwhelmed with high unemployment rates and relief needs. “Between 1929 and 1932, about one-third of the nation’s private agencies disappeared for lack of f...
The two major components of Medicare, the Hospital Insurance Program (Part A of Medicare) and the supplementary Medical Insurance program (Part B) may be exhausted by the year 2025, another sad fact of the Medicare situation at hand (“Medicare’s Future”). The burden brought about by the unfair dealings of HMO’s is having an adverse affect on the Medicare system. With the incredibly large burden brought about by the large amount of patients that Medicare is handed, it is becoming increasingly difficult to fund the system in the way that is necessary for it to function effectively. Most elderly people over the age of 65 are eligible for Medicare, but for a quite disturbing reason they are not able to reap the benefits of the taxes they have paid. Medicare is a national health plan covering 40 mi...
Social security, since instituted in 1935, has kept many elderly people from running below the poverty line (Hosansky). In 2015, the Social Security Administration predicted that the funds would be depleted by 2034 (Max). This poses a serious threat to the living situation of future generations when they retire. Our elderly, by today’s standards, enjoy a comfortable lifestyle. They are able to retire and still make over one thousand dollars a month. Some people also have private pensions which allow them to live even more comfortably. But with social security funds running out, we must ask the inevitable question. Is it worth having social security anymore? Social security should be kept. One must never fully rely on social security. In addition
Many Americans depend on Social Security benefits--from retirees, disabled workers, and dependents. Furthermore, numerous retirees have not saved enough money for retirement through other sources, so they count on Social Security as their basic source of income during their later years. Recently, the number of persons receiving Social Security has increased dramatically. This is largely due to the increasing number of persons in the baby boomer generation retiring and also people living many more years past retirement age. This increase in beneficiaries has initiated concerns and questions about the future of Social Security for persons still working. Recent studies have shown that in its current trend, the surplus of funds for Social Security will be depleted in the near future as the increase of payments will begin to exhaust the fund’s resources. To that end, reform of some kind is needed to help sustain this benefit for future generations to come (Social Security Administration, 2014).
[10] Kendall, Diana, et al. Sociology in Our Times. ITP Nelson and Co. Toronto, 1997. 126.