Social Security Scenarios

Social Security has been a very beneficial government program for elderly people, and those whom they support, when being an active member in the workforce is no longer an option for reasons such as old age, disability, or death. Destruction of the program, or worse, lack of the aid, would be catastrophic. Without it, it could leave many senior citizens that can no longer

The impact of all of these options are huge because they affect every American. The options provided here are the 6 biggest options when it comes to Social Security. Now that everyone knows what might happen, lets talk more about the when. In 2010, the amount of money coming in was to small to pay back to people. Interest from the trust bonds was collected to help aid in maintaining full benefits. As a temporary solution, shaving the interest off the bonds would have been a great fix, but the original problem still exists. Nothing has been done to balance the money in to money out ratio. Unless Congress makes some big calls, in 2020, the SSA will be forced to sell their bonds. With the interest already being collected, and now the bonds being sold, the amount of money earning interest would severely drop.

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

I believe the United States has an economic dilemma when it comes to social security and Medicare. As our textbook states, social security is drastically underfunded. It also says that Medicare is underfunded as well. I have listened to people who talk about how there will not be enough money in social security after the millennial generation. If this is true, then my generation and other generations after me will be in a terrible situation when they can retire. Medicare, a government, insured health insurance program, is also a matter of concern. Since the Medicare fund is underfunded at a high level, people who would need the help of their Medicare plan could potentially backfire. If the funding for Medicare does not reach a level where you would not have to worry about the quality of the care, then potential health risks could become much worse without adequate resources used to treat and prevent them.

It’s a matter of either losing all that you have worked for and live in poverty when retired or allowing your hard earned dollars to grow and have a secure comfortable retirement. I believe that Social Security is a doomed Government Program and that Privatization of Social Security would allow for a more secure retirement plan for all Americans. Social Security was first created to help aging Americans in their senior years so they would not end up in poverty. Social Security was signed in as law on August 14, 1935 by President Franklin D. Roosevelt and was fully operating by 1940 (SSA). Originally a retirement program, but Social Security now includes survivor benefits, disability benefits and Medicare and all together is the largest

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

Our Social Security program mainly help out with older citizens and retirement but Social Security is more than just a retirement plan. The program helps families where a parent die and there is no type of income, a worker who has been disabled, and a dependent parent. If there were some type of circumstances in one home or life, they would be able to receive Social Security at any age. There is no doubt in my mind that we should save this program, no matter the cost, it helps out so many people in ways that we may not know of. Take some time and think about the world if this program had never been created and image how many people would be in poverty, unemployed, and old people who are not being able to pay for medicines or supply that they need. We should not change anything in the Social Security program until an crisis acquire, and when that day comes we will already know what to do to improve it by changing certain things in the

It’s a matter of either losing all that you have worked for and live in poverty when retired or allowing your hard earned dollars to grow and have a secure comfortable retirement. I believe that Social Security is a doomed Government Program and that Privatization of Social Security would allow for a more secure retirement plan for all Americans. Social Security was first created to help aging Americans in their senior years so they would not end up in poverty. Social Security was signed in as law on August 14, 1935 by President Franklin D. Roosevelt and was fully operating by 1940. Originally a retirement program, but Social Security now includes survivor benefits, disability benefits and Medicare and all together is the largest

I believe our current social security system should be replaced by a mandatory private pension system. If it is not gracefully transitioned from the way it currently is then it will unfortunately disappear altogether in an abrupt fashion. A replacement will alleviate this issue and replace it with a viable option that can sustain itself.

If a Social Security Act were being built today, I think it would look much different from the version that was created in 1935. There are many factors that have changed dramatically, and while there have been updates along the way in an attempt to address them, the program has still lagged behind to cause some to question its effectiveness and longevity. The very idea that government would be intervening in something that has such a large economic impact on the economy is frightening, but I do not feel we can rely on a system without Social Security. Today people live longer, has less saving, and right or wrong, have a higher expectation of living than people did decades ago. We live in a civilized country that contributes to helping others throughout the world, would we turn on back on our elderly or hope that someone else will find a solution? The idea of keeping government out and allowing a private solution sounds great, but ultimately I feel the problem will shift onto the citizens.

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

It was the year of 1934. America was fighting to come out from the worst economic crisis that the world would ever witness. It was also the year of high crime rate, low Gross Domestic Product and the lowest unemployment rate America had experienced. The Depression had paralyzed American labor forces, but there was a hope still alive in every American including J.D. Rockefeller when he said, “These are days when many are discouraged. In the 93 years of my life, depressions have come and gone. Prosperity has always returned and will again” (Rockefeller). At that time, the next president named Franklin D. Roosevelt, famous as FDR, brought Americans back to work through his confident efforts and new series of programs called ‘the New Deal’.

Social Security is a system that is prevailing in several nations for their citizens’ welfare, which was initiated in the US in 1930’s. It is interesting to see how it has transformed in the hands of some of the US presidents. Ever since it was originated, it has been on the ramp getting modified constantly in such a way that it meets the needs of the Americans.

     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

The Social Security Administration (SSA) has paid upwards of $37 million in benefit payments to dead veterans, according to a new report released by the Washington Free Beacon. In a recent audit, conducted by SSA, the inspector general reported that, currently, there are roughly 750 accounts of deceased people continuing to receive payment, resulting in millions of wasted taxpayer dollars.