The Social Security System is in need of a new reform; our current system was not designed for the age stratification we have at this time. The U.S. Social Security Administration Office of Policy states, “The original Social Security Act, signed into law on August 14, 1935, grew out of the work of the Committee on Economic Security, a cabinet-level group appointed by President Franklin D. Roosevelt just one year earlier. The Act created several programs that, even today, form the basis for the government's role in providing income security, specifically, the old-age insurance, unemployment insurance, and Aid to Families with Dependent Children (AFDC) programs.” Social Security was modeled to aid the elderly citizens, however during the past elderly people were not destined to live an elongated life. The older population has grown drastically and is relying on the help of the government’s financial help in order to survive economically. The failure to fund the Social Security system accurately has resulted in a situation where there will not be enough funds distributed in the future; Government officials must create a new Social Security policy reform.
Social Security is available for all working citizens; many of the younger generation may not be able to receive this aid in the future. The Social Security system was not designed for the age distribution we have now. Due to the differences in age stratification, the older generation life expectancy has increased. In the past, many of the elderly would die at a young age. The New York Times states, “For the first time in more than a quarter-century, Social Security ran a deficit in 2010: It spent $49 billion dollars more in benefits than it received in revenues, and drew from its ...
... middle of paper ...
...raw, David and Dr. Allen Smith. “How your social security money was stolen-Where did the $2.5 trillion surplus go?” AmpedStatus organization webpage. AmpedStatus Report, 19 July 2011. Web. 07 May 2013.
DeWitt, Larry. “The Development of Social Security in America.” Social Security Administration webpage. U.S. Social Security Administration Office of Retirement and Disability Policy, 19 February 2010. Web. 15 April 2013
Hinden, Stan. “What Social Security Changes are coming in 2013?” AARP Organization webpage. AARP Real Possibilities, 23 October 2012. Web. 05 May 2013.
Kadlec, Dan. “Social Security takes more than it gives.” Time webpage. Time Business and Money, 07 August 2012. Web. 04 May 2013.
King, Gary and Samir S. Soneji. “Social Security: It’s worse than you think.” The New York Times webpage. The New York Times News, 05 January 2013. Web. 03 May 2013.
Need Writing Help?
Get feedback on grammar, clarity, concision and logic instantly.Check your paper »
- It was the year of 1934. America was fighting to come out from the worst economic crisis that the world would ever witness. It was also the year of high crime rate, low Gross Domestic Product and the lowest unemployment rate America had experienced. The Depression had paralyzed American labor forces, but there was a hope still alive in every American including J.D. Rockefeller when he said, “These are days when many are discouraged. In the 93 years of my life, depressions have come and gone. Prosperity has always returned and will again” (Rockefeller).... [tags: Social Security, USA, history, ]
1952 words (5.6 pages)
- Social Security was established as a promise to the people of continuation of income into retirement. Well the road to hell is often paved with good intentions, because that promise now has the country in economic uncertainty. The guarantee that workers will be taken care of in their old age if they paid their Social Security tax, is no longer guaranteed. If we don’t come to a unanimous decision as to a plan of reform; financially our country is doomed. Social Security has always struck me as a socialist program.... [tags: Social Security Reform]
2764 words (7.9 pages)
- As the baby boomers continue to reach the Social Security-drawing age, the American government’s surplus of finances will gradually fall to a dearth of funds unless intervention is made quickly. Plans for reform have been mentioned, but so far nothing has been done to supplement the future’s inevitable lack of funds. The sooner the government takes action on Social Security, the less severe the reform will have to be. Well- planned adjustments in the smallest increments can make the largest impacts on the system of Social Security.... [tags: Social Security, USA, ]
699 words (2 pages)
- Social Security is not the Ponzi scheme some oppositions may advocate. Social insurance, as envisaged by President Roosevelt, would address the permanent problem of economic security for the elder community by creating a work-related, contributory system in which workers would provide for their own future economic security through taxes they paid while employed. It provided an alternative both to reliance on welfare, and to radical changes within the capitalist system. It can be seen as a moderately conservative, yet activist, response to the challenges of the Depression (SSA, 2014).... [tags: social security act,ponzi scheme,social insurance]
857 words (2.4 pages)
- Social Security was established in 1935, following the approval of the Social Security Act. The program was established to supply old age, survivors and disability insurance to millions of American workers and their families. This program has provided retirees, disabled and deceased persons and the families of these individuals with economic security for decades. Approximately 163 American citizens pay towards social security and about 59 million receive monthly benefits. Social Security has been described as a “pay as you go” program, meaning that those individuals currently active in the nation’s workforce pay Social Security taxes as a portion of their wages or annual salary.... [tags: Retirement, Aging, Social Security, Tax]
800 words (2.3 pages)
- Future Considerations of Social Security Many Americans today wonder whether or not the current social security program will be able to sustain retirement benefits beyond the retirement of the baby boomer generation. The news continues to publish articles questioning the sustainability of the social security program, and political candidates use social security program reform and privatization as part of their political platforms during election campaigns. But what are the facts about social security benefits and its future.... [tags: Tax, Social Security, Medicare, Retirement]
888 words (2.5 pages)
- In Favor of Social Security Reform 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.... [tags: Economics Politics Argumentative Essays]
1027 words (2.9 pages)
- Social Security Reform Nearly every American sees the letters FICA at least once a week. While rushing out of the office or place of employment and scurrying to the bank to cash a well-deserved paycheck, the average American scowls at the roughly 8% the "FICA tax" inevitably consumes. Yet, ask any American what they plan to use to enjoy life after they retire and the answer is generally uniform: "my social security checks". This answer has been repeated for over sixty-five years. Since President Franklin D.... [tags: Papers]
3756 words (10.7 pages)
- 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.... [tags: Papers]
1764 words (5 pages)
- In reading the book “Social Security and the Family” I learned a lot about the system that I had no idea about before. The book was fact filled and almost fun to read the need to know information. I gained much knowledge in the specifics of why the social security system is in need of reform, and why it will be inadequate in the years to come. One of the reasons our social security system isn’t working is because, “Social Security was modeled on the single-earner, married-couple family” (1). Times have changed dramatically since then.... [tags: essays research papers fc]
1222 words (3.5 pages)