Should The United States Raise The Age For Social Security

1616 WordsNov 19, 20147 Pages
Should the United States Raise the Age for Social Security Payouts? Currently, the United States is contemplating at a forthcoming Social Security crisis. If changes are not forged, the Social Security system will not be able to keep up with the demanded payouts and is estimated to empty the trust fund around the year 2037. In this paper I will review a brief history of the Social Security program, touch upon the eligibility requirements, discuss what economists believe about the future of the Social Security Program, and finally state the Pros and Cons to the proposed raising of the age requirement for minimum payout. A BRIEF HISTORY President Franklin D. Roosevelt created the countries first Social Security program in 1935 as a part of his New Deal Program. The United States was in the midst of the Great Depression and due to the stock market crash of 1929 and bank failures, many American’s retirement savings accounts were destroyed. As a result, the poverty rates among the elderly in the country were exceeding fifty percent (Achenbaum). In creating the countries first Social Security program, President Roosevelt was the first president to advocate federal assistance for the elderly, disabled, widowed, fatherless children (later changed to included motherless children,) and unemployed (Kessler-Harris). HOW SOCIAL SECURITY WORKS AND ELLIGIBILITY The Social Security program is based on contributions that workers pay into the system. While you are working, a portion of

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