Social Security Reform

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Social Security Reform

A little over 60 years ago the nation struggled through what was, up to then, the most dramatic crisis since the Civil War. The economy was uprooted after the crash of the stock market and the country's financial stability destroyed. One of the many steps taken to alleviate the burden on the American people was that of the passing of Social Security Act of 1935 and its amendments by Congress and the President, Franklin D. Roosevelt. Under the provisions of the Act, the government would take on the responsibility of taxing the income of all working Americans and returning the money through numerous public benefits and programs. Now the nation faces an economic and political problem with the program instituted to earnestly help the people. In the first half of the next century the government will face the task of paying benefits to a large generation with funds it will not have. This year Social Security assistance accounts for over 20% of the federal budget and will make up even more for the years to follow. Almost all political sides agree that Social Security must be reformed in some way before the baby-boomer generation begins to retire and collect. Social Security benefits refer to all those measures established by the government through legislation that help an individual or household to maintain an income of a certain level, insure income if one's employment is lost, provide other assistance for disability, old age, survivors, and other forms of compensation. Social Security may be defined through several characteristics: (1) participation is mandatory. Everyone, including children age 5 or older, is required to have a Social Security (2) Eligibility for benefits and levels of benefits depend...

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... Social Security by combining different plans. The president needs to appoint an independent (completely independent) and non-partisan committee to propose a Rose 6 total solution that would ensure complete payment of all Social Security entitlements for at least the next 75 years. Perhaps with this, a real fix can come about so the up-coming generation (gen-X) will receive benefits that are currently being paid from earnings.

Bibliography

Adde, Nick. "Nunn: Social Security Key to Cutting Deficit." Navy Times 14 Apr. 1997: Issues. McNamee, Mike. "The Bullet not Bitten." Commentary. Business Week 11 Nov. 1996; N/A . "Social Security: A Program's Rise." Journal of Economic Perspectives 1995. "Social Security Alternatives." New York: Capital Publishing Ltd., 1996. United States. Office of Management and Budget. Implementing Welfare Reform. Washington: OMB, 1997.

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