Social Security is the largest source of retirement income and an essential part of an individual’s retirement. For nearly 80 years it has helped Americans pay for their retirements. In Animal Farm, a novel by George Orwell, the animals have overthrown the humans and live under the leadership of a pig named Napoleon. When the animals first come together and re-name the farm “Animal Farm”, they set retirement ages and agree on pensions. However, when winter comes along and resources and food are scarce, the idea of retiring is dismissed and the situation grows much worse; the farm falls into greater poverty with each day. The government should continue to provide Social Security retirement benefits to its citizens once they have exited the workforce because these benefits plays a crucial role in reducing poverty, they help people become economically secure, and people depend on them.
The retirement benefits afforded by Social Security are important to the nation’s well-being because they keep people from becoming impoverished. Paul Van de Water and Arloc Sherman of the Center on Budget and Policy Priorities state in their article, “Social Security Keeps 21 Million Americans Out of Poverty: A State-by-State-Analysis” that Social Security stops approximately 1.1 million children, 5.8 million adults, and 14.5 million elderly individuals from falling below the poverty line (1) . Van de Water and Sherman’s statement reveals to what extent Social Security impacts poverty in the United States. There is a clear correlation between Social Security and poverty: as retirement benefits increase, poverty levels drop lower and lower, and millions upon millions of Americans are kept from dropping below the poverty line. This helps even those who ...
... middle of paper ...
...Ezra. “The ProSocial Security Case for Social Security Reform.” Washington Post. The
Washington Post, 29 Mar. 2011. Web. 01 Feb. 2014.
National Committee to Preserve Social Security & Medicare. “Privatization Would Dismantle
Social Security and Offer No Guarantees of Future Benefits.” Social Security. Ed. Debra A.
Miller. Detroit: Greenhaven Press, 2013. Current Controversies. Rpt. from “Myths and
Realities about Social Security and Privatization.” 2012. Opposing Viewpoints in Context.
Web. 10 Feb. 2014
Orwell, George [Eric Blair], Russell Baker, and C. M. Woodhouse. Animal Farm. New York:
Signet Classics, 1996. Print.
Van De Water, Paul N., and Arioc Sherman. "Center on Budget and Policy Priorities." Social
Security Keeps 21 Million Americans Out of Poverty: A StatebyState Analysis —. Center on Budget and Policy Priorities, 16 Oct. 2012. Web. 13 Feb. 2014.
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.
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.
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...
...erational social insurance program” (Sloan, 2010). To transform it into some sort of massive investment club instantly gives an advantage to higher-income people over lower-income people as “they won’t need immediate retirement income and can wait out markets” (Sloan, 2010) should the market be in one of its periodic downturns. On the other hand, Social Security, structured as it is, “favors lower-income people-as it should” (Sloan, 2010). And that is a sentiment I share.
'Social Security—the nation's largest, costliest, and most successful domestic program has reached a critical juncture in its development. As its creators anticipated, nearly every wage earner now pays taxes into the system. In principle, all citizens may be eligible for "entitlements" at some point in their lives. Yet...senior citizens worry that their benefits will be cut; younger Americans are skeptical—if not cynical—about their own benefits upon retirement.'
"Social Security Should Be Run by the Government" by Institute for America's Future.Capitalism. Noël Merino, Ed. Current Controversies Series. Greenhaven Press, 2010. Institute for America's Future, The Perils of Privatization: Social Security Privatization Cuts Lifetime Benefits; Makes Senior Citizens Vulnerable to Poverty: The Impact in the United States. Washington, D.C.: Institute for America's Future, 2008. Reproduced by permission. .
Most of the problems of the United states are related to the economy. One of the major issues facing the country today is social security. The United States was one of the last major industrialized nations to establish a social security system. Social security is a government program that helps workers and retired workers and their families achieve somewhat of economic security. Social security provides cash payments to help replace income lost as a result of retirement, unemployment, disability, or death. The program also helps pay the cost of medical care for people age 65 or older and for some disabled workers. “About one-sixth of the people in the United States receive social security benefits.” People become eligible to receive benefits
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
Social Security has played a major role in supporting the elderly as well as sick and disabled financially for many years. However, we do not know how long this will last their are many problems facing social security and the funding of it with the population continuing to grow more and more people are taking advantage of social security. The main problem is people who do not really need the help and free income of social security abusing it making the government actually spend more than they actually putting into the social security fund. In this paper I will not only discuss the problems surrounding social security but also solutions in which could not only help better social security but also make it available for generations to come.
Dan Carney, " Social Policy " Congressional Quarterly Weekly Report, 9/7/96, Vol. 54 Issue 36, p250
Privatizing of social security has been a subject of debate over the years ever since former president George. W. Bush suggested it back in 2004.Over 96% of the American workers benefit from the social security after paying the social security tax (Aaron 12). This is to say that over 49 million people receive some amount of money from the system which fortunately for them is much higher than the taxes they contribute towards the same. While such payment may not be more than $895, nearly two thirds of the American retired population acquires half of their income from the social security payments. For some it is the only source of income. One importance of this social security is its ability to cover the users from unpredictable economic environment including fluctuations in demand and supply and inflation rates. Additionally the security covers them against possible disability or unexpected demise of loved ones. So with the increasing economic uncertainty both nationally and globally, social security is needed more than ever before and this is why privatizing it is the worst idea ever.
For more than 75 years, social security has been designed to ensure retired workers that there will be money when it comes time to retire. Since 1935, social security has been the main foundation of economic security for Americans. Social security has developed a steady income for retired workers and helps the disabled worker make a decent living as well. The money made by the worker is divided into payments to help provide for them and their family. There are a few suggestions that should be taken into consideration in order to help fix social security problems. The raising old taxes that finance social security, and raising the retirement age, and only providing social security to ones who earn less than a certain amount of income are some
...ortant improvement in social justice at a time when individuals were giving up hope and becoming disenchanted with the American system of government and economic organization. “The established legislation redefined the relationship between government and society.” (Béland 94). The result was a new notion of social obligation. “The Social Security Act of 1935 created permanent measures that have enduring social, economic and political consequences.” (Béland 94) Today, most Americans continue to see Social Security as an economic program providing financial support for retirees in their golden years. However, it is also an enduring social reform in which we citizens take care of each other. Never again will presidents receive letters stating, “I’m a 60 year old widow greatly in need of medical aid, food and fuel. I pray you, have pity on me” ("Social Security Online”)
There is much-heated debate on the issues of Social Security today. The Social Security system is the largest government program of income distribution in the United States. People are concerned that they won't see a dime of what they worked so hard to contribute into the Social Security system for so many years. Social Security provides benefits to about forty-three million Americans. Not only to retired workers, but also to their spouses and dependents of the workers who die prematurely. It also provides benefits to disabled workers and their dependents. Social Security appears to most people like a simple retirement saving’s account. After all, you generally contribute through payroll deductions, then get money back after you retire. Nonetheless, Social Security is a complex and intricate communal program. By design, Social Security involves massive subsidies from the next generation of retirees to the present, from single workers to married couples. Now that the gigantic post World War II baby boomers generation approaches retirement age, there is concern about the consequences it will have on Social Security. There are basically three options, we can do nothing and allow Social Security to run it’s course, revise Social Security, or consider privatization of the system.