More handpicked essays just for you.
The present condition of the American economy
Future of social security essay
The present condition of the American economy
Don’t take our word for it - see why 10 million students trust us with their essay needs.
The Social Security Crisis
The Presidential election will be coming up this November and the question that many of Americans have on their mind is what are you going to about the Social Security crisis? This question has our nation divided between generations. The elder people of our nation (ages 50 and up) fell confident that
Social Security will be there for them and that it should be left alone. On the other hand the Baby Boomers (ages 31-49) and Generation X (ages 18-30) lack this confidence fearing that they will never receive Social Security, and the money they put in would be a waste. Many politicians are afraid to touch this issue because the elder still make a large number of the voting block. Speaking as a member it is our duty to vote for change in Social Security to ensure we will have something to look forward to when we retire. We can not wait any longer to defeat this crisis.
For those who don't know the Social Security crisis is the threat that
Social Security may go bankrupt. Well its more than just a threat its the reality. The common belief is that Social Security is a saving fund where the government takes a certain percentage out of our weekly pay. Then that money is put into a savings fund where it is held until you retire. When they retire money is returned to them in monthly checks plus the interest. This is where they are wrong. Social Security is a pay-as-you-go system where the current workforce pays for the present retirees, and then when they retire they will depend on the workforce and so on and so on. Which is fine when you always have more workers then retirees. This is the problem the government will face when the Baby Boomers retire in the year 2010. In 1950 there were 7.2 workers for each retiree. Today there are 3.2 workers for every retiree, an by the year
2020 there will only be 2.
There are millions of Americans affected by social security. These Americans rely on social security to provide them with financial security. Recently President Bush agreed to proposing a method of privatizing the social security program so that in the future the vast reserves of the social security system would not run out nearly as fast. With the always increasing rise in inflation, and the baby boomer generation reaching ages of retirement fairly soon, this is an issue that needs to be dealt with correctly and rapidly. The way the president is handling the situation is definitely the right way to do it. There are many things and ways in which to do it wrong, but the president seems to be pointing the plans of social security in the right direction. The president’s plans of reforming social security are right because the privatization is the best way to go, changing the rules for those who would apply for it increases the savings and makes the money go farther, and working with the distribution of different tax percentages would really make the money go a lot farther.
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.
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
The younger the person the less exposure they’ve had to the world of politics, therefor the less ...
Landon, Alf, History Maters: The U.S. Survey on the Web, I Will Not Promise the Moon”: Alf Landon Opposes the Social Security Act, 1936 by Alf Landon, (October 15, 1936), Accessed January 16th, 2014, http://historymatters.gmu.edu/d/8128/
Everyone is worried about the future of the social security system. They wonder how long it can last after the year 2030. There are many ways people are suggesting to deal with the problem. Some suggest to raise taxes on social security "In order to continue paying full benefits in 2032 and for about 40 therefore, the law would have to be changed to increase social security taxes by almost one-half, from the current 12.
boomers take their knowledge and skills with them as they face retirement. As of now
Social Security is on the verge of taking care of the baby boomers generation. This means that it will be paying more benefits than taxes it receives. In lay-man’s terms it means it will be spending more money than it is making. I think that you should pay into your own private retirement account for you to reap the benefits in the future. Not for you to pay into a cluster of workers money for current elders to benefit from. You need to take care of your own future and not rely on other people’s responsibility. “…people began to think retirement funding as a right…and so…started saving less” (Klay & Steen). That being said, people of a certain age should be “grandfathered” into this meaning, people of the age of say 40, still get the normal social security retirement money but anyone younger must start abiding this new reform. If you get married, keep paying into your own unless your spouse is not working. If that is the case then pay the same amount BUT put half into your own and half into your spouses. If the other spouse is working however, they should pay into their own account and you into your own.
Social security, the federal retirement system, is one of the most popular government programs in United State?s history. Today, Social Security benefits are the backbone of the nation's retirement income system. The long road to the successful development of social security began in 1935. Before 1935, very few workers received job pensions. Those workers that were covered never received benefits because they were not guaranteed.
They should be able to have their private pensions in addition to social security (Hosansky). One major solution could be reducing the social security benefits to 50% for future generations.By dividing how much one can receive from the government, a person is able to receive 50% of their 401(k) and 50% of social security while being able to receive full benefits. That will allow future generations to live as our elderly are living now. While some may argue that people are not frugal and may not have much in their private pensions for a 50/50 deal, there are classes in high school that teach students financial responsibility. High school finance should be a mandatory class for everyone to take. That way the government can insure that teenagers are being taught to be financially
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.
In result of social security, people aged sixty-five and older are the second-richest age group in the United States. Political economists recently estimated the government spends $350 billion on senior citizens, more than on national defense! In conclusion, the vulnerability of senior citizens and their reliance on these programs has caused an explosion in senior citizen voter turnout and open political participation. The fear of losing benefits was very strong in the 1996 election, where both President Clinton and Senator Dole were found to campaign strongly in areas with an abundance of senior citizens, such as in Florida. In result of the fear of losing their civil rights and continued use of these programs, senior citizens continue to be very politically active which causes a strong influence on the president.
The first support Kamenetz argues is, the 2008 presidential campaign brought in the most voters under the age of 29 in history. If the voting age would be decreased, there would be more voters under the young adult category. There would be an increase of voters, including those under the age of eighteen.
The other factors which are driving to these labor force numbers are the current workforce in United S...
Statistics, Monthly Labor review,November, 1995. By the year 2000, there will be an estimated 16-38% increase for