We the Soon to be Retired
As the preamble to the Constitution states: “We the People of the United States, in Order to form a more perfect Union, establish Justice, insure domestic Tranquility, provide for the common defense, promote the general Welfare, and secure the Blessings of Liberty to ourselves and our Posterity, do ordain and establish this Constitution for the United States of America”. Who should pay for the older Americans after they decide to retire? How should Americans pay for the elderly? Should those that are of retirement age be made to work longer to help alleviate the support needed throughout the remainder of their life? These citizens have worked since they turned eighteen or even earlier. Most of these people have paid into Social Security since the very first day that they worked. At what age should they be able to retire and not have to worry about their future, or should they just be forced to work until they fall over? Arguments about Social Security have been ongoing for decades. The assessments are far outdated and the system needs revamping. Social Security has been through many changes of the American worker without having significant changes to the system itself, it is time for a change in the way that the benefits are funded without putting the excess into the generalized federal fund.
Social Security began in 1935 by Congress to provide a retirement security for American workers as a result of the Great Depression of the 1930’s. Farmers, the self-employed, teachers, housekeepers, and the jobless were initially omitted from Social Security benefits. The system was initially for the manufacturing laborers. Social Security was meant to be a complement to retirement, it was not meant to be the only ...
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...010). Social security: A fresh look at policy alternatives. Chicago, IL: University of Chicago Press.
Markham, J. (2004). Social Security Act of 1935. In B. K. Landsberg (Ed.), Major Acts of Congress (Vol. 3, pp. 199-204). New York: Macmillan Reference USA. Retrieved from: http://go.galegroup.com.bakerezproxy.palnet.info/ps/i.do?id=GALE%7CCX3407400273&v=2.1&u=lom_falconbaker&it=r&p=GVRL&sw=w
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Ruschmann, P., & Nasiatka, M. (2011). Social security. New York, NY: Chelsea House.
Skidmore, M. (2008). Securing America's future: A bold plan to preserve and expand social security. Lanham, MD: The Rowman & Littlefield Publishing Group, Inc.
The Constitution of the United States of America, Section 8, Clause 1
The Constitution of the United States of America, Preamble
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.
"Social Security Act of 1935." Social Security Act of 1935. N.p., n.d. Web. 30 Dec. 2013. .
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 original intention for creating social security was to act as a safety net for retirees, but as time passes, there seems to be a great deal of economic issues relating to the program. Social security was created to help benefit retired workers, spouses and children of deceased workers, as well as workers who have become disabled before retirement. This insurance program provides retirees with a steady income once they retire. President Roosevelt signed the program into law on August 14, 1935. Since then, social security has been beneficial to many workers and retirees.
Social Security Administration, Social Security Programmes Throughout the World, Washington, 2008/2009; Heymann, J. et all, 2007.
The New Deal occurred in 1933 when 13 million American workers lost their jobs. As a result of the massive job loss, thousands of workers demanded union recognition, unemployed Americans demanded food and shelter, and farmers demanded higher process on their goods. Federally funded jobs and social welfare programs to help the poor were set up by President Roosevelt in order to please the demands of the American people. The New Deal was established with the intention of improving lives, to save capitalism, and to provide a degree of economic security. In 1935, President Roosevelt passed the Social Security Act which, according to Katznelson, Kesselman, and Draper, “offered pensions and unemployment compensation to qualified workers, provided public assistance to the elderly and the blind, and created a new national program for poor single mothers” (332).This act allowed states to set the benefit level for welfare programs, which was set quite low (Katznelson, Kesselman, & Draper, 331-334). The Great Society programs were established by Lyndon Johnson in 1964 when Johnson declared war on poverty. This was would be the action that initiates the Great Society programs. The government used the New Deal as a foundation to build new welfare programs. Medicaid and Medicare were created to help poor and old people with their medical costs. Head Start was established to help low income
Social Security is a system that was set up in 1935 after the Great depression to help people get through tough times. "Social Security is now used by nearly 44 million Americans"(policy.com). Only people who payed into social security are eligible to collect when they retire. Many people think that they receive the money they pay in but that is not total true. The money that you pay in is used for the people that are receiving it now. "In 1950 there were 16 workers for every beneficiary; today there are only three workers per beneficiary"(policy.com). There is more money going into social security then coming out now. The extra money goes into a trust to be used when it is needed. By the year 2032 those numbers are going to drop. By this time most baby boomers will be retired and collecting social security. This will put a big strain on the funds. There will be more money going out then coming in. And it will not take long to use all the money that is in the trust. By the year 2034 they will only be able to pay 75 percent of the beneficiaries. "The projected average monthly Social Security benefit in 2032 of about 1,100 (in 1998 dollars) would fall to about $800, and would drop further in later years. Average benefits for low-wage earners would drop from $670 to $480"(www.ssab). Theses cut would effect the people just starting to receive benefits and those who are already receiving benefits. And with each year these benefits will decrease. As these benefits continue to decrease "the percentage of aged people living in poverty would rise"(www.ssab).Most people believe this is happening because of the baby boomers generation. There will be more people taking from social security then giving in. By the time my generation is eliable to receive social security there may not be any money to give.
The Social Security Act was passed by President FDR as one of his programs to fight the Great Depression. The Social Security Act was enacted August 14, 1935 (Social Security Act). The current problem is the fear of what will become of Social Security as the baby boomers generation begins to retire. As millions of baby boomers approach retirement, the program's annual cash surplus will shrink and then disappear. Then, Social Security will not be able to pay full benefits from its payroll and other tax revenues (Social Security Reform Center – Problem). This is causing the U.S. government to think about reform and changes for the ...
22. Kennith Davis, "The Birth of Social Security," in Visions of America's Past, ed. William Bryans et al. (Plymouth: Hayden-McNeil Publishing, 2011), 327.
Social Security has become a primary source of income for so many retirees and disabled workers. With the increase in recipients, the fund will experience a shortfall that will impact future retirees. The future of Social Security looks bleak unless the government takes steps to reform the program to continue to meet the needs of the current as well as the future recipients. Whether it is to raise taxes, decrease benefits, or privatize Social Security, action is needed. We all want the benefit of enjoying our later years after retirement but it would be hard to enjoy life after work when your primary source of income disappears with no alternative. There are many options to explore to make the changes needed. Reform to Social Security needs to be made soon or it will not last beyond the next generation of retirees.
The Great Depression the worst economic crisis of the twentieth century. Beginning with the stock market crash in 1929, this economic catastrophe culminated in a skyrocketing unemployment rate of over 25% with massive poverty never before seen in the United States. Business investment was down 90% and if you had the misfortune to have put your money in a bank that went bust, you were wiped out. Hardest hit by this economic calamity were the elderly. In response the administration of Franklin Delano Roosevelt launched a series of programs called the New Deal. The purpose of these programs were to provide resources to protect the general welfare of citizens in hopes of decreasing the percentage of unemployment, stabilizing the banking markets, reigniting the economy and providing a boost in public morale. Of the numerous initiatives that President Franklin Delano Roosevelt established Social Security was one of the most effective programs enacted by the United States government during the Great Depression and one that has continued to have a powerful and enduring effect on the country through to the present day.
...s for generations to come, which in essence, needs to start now. Using a conservative economic projection should be one of the steps taken for the growth of future social security. We all know there are no free rides in life; someone is always taking the bill, much less in social security. Any of the changes discussed in this report would impose a real alteration in the level of benefits, taxation and risks. Ultimately, we need to look forward with complete understanding and full acceptance of changes, while keeping faith in a system, which has served us so well.
After the creation of the SSA, a program was in place whereby those who have reached the age of 65 could receive a pension to live with during their old age. The important fact here is that the SSA is a public, federal, organization. When created, it helped to shift the focus away from private organizations performing the same function and increase the focus on a public organization doing so. In many Americans’ minds, this began to associate the government with protection and it made it so that the government was expected to provide welfare to those in need. Before, the idea of the government providing welfare was much less prevalent. This effect has continued, and increased until today—when unemployment benefits are
Initially, the Social Security Act of 1935 generated a nationwide organization proposed to distribute financial assurance for the nation's workforces. This Act was set out to provide for society to the une...
Social Security for the first time provided Americans with unemployment, disability and pensions for old age, which wasn’t there before and thanks to The Great Depression helps out all Americans that need economic relief while taking advantage of Social Security has arguably kept America out of economic chaos (“What is Social Security”?). The Great Depression led us to have a better economic system and changed economic thinking. Laws were passed in order to prevent another depression from happening. Although many years have passed since the Great Depression, things that were seen back then are still being seen today in 2014. High unemployment rates and low income among families forced to need the help of welfare are seen today as they were seen during the time of the Great Depression.