Social Security: Time for Change? Essay

Social Security: Time for Change? Essay

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For the past 78 years, one governmental system’s benefits have been essential to the nation’s elderly and disabled individuals. This system itself has focused on providing benefits to every American when they reach the age of 65, or earlier than the age of 65 if they preferred to receive smaller amounts of benefits per year (Social Security Administration). The system, at the same time, has taxed citizens and companies to levy this distribution of benefits. This system may seem to be a great idea; however, the trust fund has been ever decreasing with no end of this decrease in sight (Economist Briefing). This system –Social Security – is in grave danger of running out of funds and needs to be reformed immediately.
President Franklin D. Roosevelt introduced many revolutionary monetary policies, including an increase in regressive taxes, the introduction of the minimum wage, and the creation of the Social Security system. President Roosevelt signed the Social Security Act, thereby creating the Social Security system in 1935 after it passed through Congress, partially due to an overwhelming 371-33 vote in the House. This new act resembled Francis Townsend’s proposal for the government to give $200 a month to all retirees over the age of 60 (Folsom). United States citizens would receive monetary sums, paid for by a 1% tax on each dollar of earned income. Employers were then expected to match this amount for each employee. The act also set up a federal-state system of unemployment insurance and gave aid to the states for care of dependent mothers and children. The aid also applied to the crippled, the blind, and public health services. This plan was a novel idea; no other country in the world had a system where current workers had taxe...

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... 2009.
Gfk Public Affairs & Corporate Communications. "The AP-Gfk POLL." AP-GfK POLL Results. October 2013. Document.
John, David and Virginia Reno. "Perspectives: Options for Reforming Social Security." AARP Public Policy Institute June 2012: 1-33. Print.
Ruffing, Kathy A. What the 2013 Trustee's Report Shows About Social Security. 18 June 2013. Web. 18 September 2013.
Social Security Administration. History Of SSA During The Johnson Administration 1963-1968. n.d. Web. 17 September 2013.
—. In-depth Research: Summary of P.L. 98-21, (H.R. 1900) Social Security Amendments Of 1983-Signed On April 20, 1983. n.d. Web. 17 September 2013.
—. Legislative History: 1939 Amendments. n.d. Web. 17 September 2013.
Weller, Christian E. "Building It Up, Not Tearing It Down: A Progressive Approach to Strengthening Social Security." Center for American Progress December 2012: 1-65.

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