Social Security Problem In America

In “The Social Security Problem”, Max Moore discusses the fearful reality of Social Security running out of funds. He states that the U.S. Department of the Treasury predicts that Social Security funds will run out by 2041 and action must be taken in order to prevent this (134). In his essay, he explains how the depletion of Social Security funds are a result from a decreasing retirement age, decreasing fertility rate, and shrinking work force. These things contribute to an increased population relying on Social Security, an increased population of the elderly, and a decreased ratio of workers paying for those beneficiaries (135). Moore explains the proposal of George W. Bush to make Social Security partially privatized; allowing young workers to invest their retirement savings into their own account. This would result in people putting their retirement on the line in

We could save the Social Security Program, if we engaged in some simple changes. There could be some slight changes in the retirement age area and in the Taxes area. According to the Article "Modest Changes Could save Social Security Program" written by Stephen Ohlemacher, he clearly stated that employees are 100% grantee for an full retirement benefit package once the hit the age of sixty-six. It will later rises to the age of sixty-seven for elders that was born in 1960 or later. In addition, employees are able to receive an early retirement at the age of sixty-two, although their retirement benefits would have been reduced (Ohlemacher). Some changes we can apply to the retirement age, is that we could slightly increase the retirement age until it reaches seventy in the year 2027, which would eliminate some shortfall in the program. Secondly, there should be a three-year increase in the early retirement age,

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.

For many years the social security program has been operating successfully. In recent times however, it is becoming apparent to some that social security is in need of reform. Their argument is that with the amount of people getting older in the next couple of decades, there will not be enough money left in the social security reserves to pay for everyone who needs it. That is why the idea of separating social security up into private funds has been brought to the attention of the American citizens. This idea of reform has been around for quite a long time; however it has been pushed on by pro reform supporters more in recent times because they think it is necessary for the

Established by the federal government in 1935, the social security system 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 will turn unsustainable, the retired and disabled will not fully receive their earnings; and the people of the United States will continue to have no control over their investments.

Those who deny a Social Security crisis cite the pessimistic projections by the Social Security Trustees (Biggs, 2001). Deniers believe that if the projections were corrected to reflect a realistic view of economic growth, Social Security would appear as a healthy, sustainable program (Biggs, 2001). In addition, deniers believe that even if the Trustees’ projections are completely accurate, the deficits of the programs would be easy to afford (Biggs, 2001). With the National debt soaring and economic growth stagnating as is has for the past few years however, people must consider how many more deficits the country can reasonably afford. Individuals should also consider not only if the Social Security system is salvageable but also if it is worth saving. The promise of Social Security was to provide some income in retirement, but questions certainly exist as to whether or not the program will still be able to fulfill that promise in the future.

     It is not difficult to understand why Social Security is our country’s most popular government program. Prior to its inception in the 1930’s, more than half the nation’s elderly lived in poverty. The program was designed as a social (old-age) insurance plan which provides a guaranteed income to retired and disabled workers whose loss of wages promises an uncertain economic future. I emphasize the word guaranteed, as this is the issue in contention when considering reform propositions.

     There is much-heated debate on the issues of Social Security today. The Social Security system is the largest government program of income distribution in the United States. People are concerned that they won't see a dime of what they worked so hard to contribute into the Social Security system for so many years. Social Security provides benefits to about forty-three million Americans. Not only to retired workers, but also to their spouses and dependents of the workers who die prematurely. It also provides benefits to disabled workers and their dependents. Social Security appears to most people like a simple retirement saving’s account. After all, you generally

For over 80 years social security has provided Americans with money after they reach the minimum age requirement. This money has provided retirement money for millions of people across the country but is now in jeopardy. To get an understanding of the current and future situation of social security it’s important to understand what social security is, when it was created, why it was created, and also how it has performed since it was created. After getting an understanding of social security I will then talk about the current state of social security including problems with it and the different arguments that are being made about what should be done with social security. The problems and current situation of social security will also be

Close your eyes and picture a country with limited amounts of food, people staving, people in financial crisis with no means to support their family or self. Now open your eyes, were the people you envisioned older men, women, and children? If you said yes, you’ve visualized The Great Depression.

One in six people in the US benefit from Social Security. That means that approximately 59 million people receive payments every month. Social security is a system in which current workers pay for other people’s benefits, and not their own. Many people pay taxes to fund the program, so those who don't (or can’t) work can live. Because Americans are not good at managing money (Mitchell), many don’t have substantial funding to live off of, so Social Security is necessary. Right now there is an excess of payments that aren't being received, and those excesses all go into a fund. In the upcoming decades that fund will be depleted, and we will run out of money to pay out. Social Security is a sinking ship, and the government

The Social Security system has long been a program to help ensure the “American Dream”. It guarantees that our elderly and poor are taken care of in retirement and that the younger generation has financial assistance in supporting their family. Despite other controversial welfare/redistribution programs, Social Security is very popular among the majority of Americans and does not face significant opposition from the wealthiest who put more into the system than they get back. This does not mean that the program is free of issues as its solvency has been a leading issue American politics for some time now. Many partisans have advocated for either raising taxes on the wealthy or cutting benefits to fix these issues but nothing has been mutually agreed upon. As the Trust Fund continues to evaporate, a balanced solution becomes more necessary to the long term survival of the program.

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

Planning for retirement should not be based on Social Security alone, but rather by saving portions of personal earned wages and putting finances into long-term investments. Depending on Social Security as the only income after retiring is an unsafe and undependable way to prepare for retirement. People who contribute to Social Security are mandatorily putting money into the Social Security Reserve; this money is used for older generations that will file for these benefits before the younger people working, in the early 21 century, ever receive a chance. Money controlled by other’s hands will never be a guarantee for a secure future, yet money saved by an individual to put toward personal goals will reward greatly. By taking the time to

B. Relevance Everyone is faced with the prospect of living their “golden” years without a paycheck. Social Security will very likely NOT be available to people currently younger than 40 and if it does survive will not be a