Essay about The Issue Of Social Security

Essay about The Issue Of Social Security

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There are a few major current concerns that was brought about the future “solvency” of Social Security. People are scared because of the projections of the trust fund will being depleted by 2040. This means that there will be a scare amount of income going in to the trust fund; as a result, people will not be able to receive the full amount of benefits that they were promised (Quadagno: 349). One reason they are scared is because that the Baby Boom generation is aging (Quadagno: 334). The Baby Boom generation make up the majority of the population and have the most influence on what is happening in the United States. In fifteen to twenty years, they will be receiving Social Security; as a result, there will only be on average 2.2 working people to pay for 1 retiree (Quadagno: 334). This is a dramatic difference compare to 1960 where it was on average 5 workers paying for 1 retiree (Quadagno: 334). This bring up the next major concern which is that the population growth has slowed significantly after 1960 because women were having fewer children (Quadagno: 334). The slowed growth is a factor into will there will be less people able to pay for the large Baby Boom generation once they are receiving Social Security. This demographic change after 1960 combined with the Baby Boom generation is a recipe for disaster that was unseen back then. It has started to become a problem now that it is only 15 to 20 years away from a big change in Social Security happening. The last major concern is that people are living longer (Quadagno: 334). Thanks to advancements in technology and modern medicine, people are able to live much longer than when this government plan first started off back in 1935. This is also another factor that causes the ratio...


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...ned to be. The pattern found within the various social groups dependent on Social Security is that anyone who isn’t a white men will receive less asset income –if any-, less pension benefits –if any-, and less Social Security. Social Security has the potential to become insolvent by 2040 if nothing is done to fix it. In my opinion, to prevent the trust fund of Social Security from becoming insolvent is to restore the trust fund by: raising the age from 67 to 70, cut Social Security Benefits, and increase revenues by raising payroll taxes. Hopefully Social Security will never be privatized because it would: violate what the government should be able to do, increase the payroll tax, and no guarantee of the money from what you invested, if you privatized. Social Security will be able to survive through the Baby Boom generation if the right courses of action are taken.

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