The Social Security System - 1442 Words

Dear Congresswoman Ann Wagner (R), â€Å"All peoples throughout all of human history have faced the uncertainties brought on by unemployment, illness, disability, death and old age. In the realm of economics, these inevitable facets of life are said to be threats to one s economic security†- (www. ssa.gov). The 1935 Social Security Act was a giant step towards creating an economic security for the nation. However, as a person who has yet to be in the work force for 10 years I have already begun to realize that my comfort in retirement cannot rely on government funding, there are those whoever, who will rely entirely on that funding. Due to the differences in people’s willingness to take their futures under their own control, I would suggest reform in the fashion of partial privatization. Without this reform Social Security will not survive into the 21st century. The current state of the social security system, while its history comes from a well-intentioned source, has been negatively impacted by many issues in recent years. â€Å"The Social Security program s has many benefits: retirement and disability income, Medicare and Medicaid, death and survivor benefits. INVESTOPEDA These are important benefits to have for the wellbeing of the country as a whole. However due to demographic changes resulting in fewer workers paying into the program and more recipients taking benefits out, the available benefits are becoming scarce CITE. The rules of supply and demand are showing aShow MoreRelatedPrivatization Of Social Security System846 Words   |  4 Pages The social security system, established by the federal government in 1935; is currently one of the most costly items in the federal budget. The purpose of the system is to provide for Federal old-age benefits, and to enable social insurance and public assistance. The proposal of moving to an entirely new system would give the people living in the United States their own individual authority of controlling their own investments. If social security does not become privatized; the system itself willRead MoreThe American Social Security System880 Words   |  4 PagesThe American Social Security system is projected to help people with limited financial resources, including the poor, the physically disabled, the mentally ill, and the elderly (Grabianowski 2015). It was created in response to the pervasive poverty during the Great Depression to provide workers with a basic level of income in retirement, as well as disability pay and life insurance while they work (Kessler, 2014). In addition to providing benefits for workers, it also covers their dependents, immediateRead MorePrivatization Of Social Security System846 Words   |  4 Pagesfederal government in 1935, the social security system is currently one of the most costly items in the federal budget. The purpose of t he system is to provide for Federal old-age benefits, and to enable social insurance and public assistance. The proposal of moving to an entirely new system would give the people living in the United States their own individual authority of controlling their own investments. If social security does not become privatized; the system itself will turn unsustainable,Read MoreSocial Security And The Welfare System2072 Words   |  9 Pagesrecipient of Social Security benefits. At that time the surpluses generated each year will cease, and Social Security will begin to run a deficit (paying out more than it takes in). The government will then have to begin paying back the money borrowed from the trusts, plus interest. Since no money has been saved for this purpose, the government will be forced to increase the national debt, cut spending, or raise taxes. â€Å"Even worse, unless something is done, the entire Social Security system will useRead MoreReform for the Social Security System E ssay872 Words   |  4 Pages 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, â€Å"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 theRead MoreThe Issues Surrounding The System Of Social Security1638 Words   |  7 PagesThe issues surrounding the system of social security are beginning to form a powder keg that is waiting to explode. Problems that continue to build will only present a greater threat in later years than they do now. The â€Å"baby-boomer† generation is too large of a size to be supported by social security with how it is currently structured. If we continue down this path, by the year 2037 So cial Security will only be capable of funding seventy-five percent of its obligations (Matthews, NOLO). ToRead MoreEconomic Feasibility of the Social Security System1423 Words   |  6 PagesWill Social Security Survive the 21st Century? With all the concerns surrounding the economic feasibility of the Social Security system, perhaps the question should be asked whether the Social Security system would last another 20 years if drastic changes were not made soon. In the years leading up to 2011, when the first baby boomers would be eligible to start receiving Social Security benefits, alarms began to sound that the system was headed for trouble as this new deluge of retires, totallyRead MoreThe Social Security System For The Elderly Citizens Essay1164 Words   |  5 PagesThe 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, â€Å"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 seve ral programs that, even today, form the basis for the governmentRead MoreThe Social Security System Pre Sjsn1890 Words   |  8 Pagessignificant differences between the social security system pre-SJSN (as shown in Table 3.2) and under SJSN period. First, the beneficiaries. In the old system, for example, a programme managed by Askes, the beneficiaries are limited to particular groups like civil servants. In contrast, under BPJS Health, all Indonesian people are entitled to receive the benefits of health care. Another difference is the special treatment to people who belong to poor households. In the old system, persons in this categoryRead MoreThe Social Security System During The Great Depression875 Words   |  4 PagesThe Social Security system is projected to help people with limited financial resources, including the poor, the physically disabled, the mentally ill, and the elderly (Grabianowski 2015). The system was created in response to the pervasive poverty during the gr eat depression, to provide basic level of income at retirement, as well as disability pay and life insurance foe workers (Kessler, 2014). In addition, the system provided benefits for dependents, immediate family members, and even divorced