Social Security Trust Fund

Prior to 1935 there were no social programs in America for the elderly, and those that were not able to work. Those who were unable to work relied on friends and family or local charity for help. (Quadagno, 2014) pg 95. During the Depression in the 1930’s, banks failed and many people lost their savings and retirement money. Many older workers especially were let go from their jobs and unemployment among people over 45 years was high. Unemployment was about 25 percent for all workers and 37% for

must be limited in some way or else our economy will face devastating consequences. The government debt has had its highs and lows throughout history in comparison to the GDP, and to reduce it, we must minimize spending on entitlements such as Social Security and Medicare. Since its inception, the United States of America has had fluctuating amounts of debt. High points usually follow in the wake of war or recessions, and low points usually occur in times of relative stability in the U.S. Recently

The Medicare Trust Fund was established in 1983. It was a mass shift and strategy in social and Medicare. In the past, social security and Medicare had a “pay as you go” system. That means workers were compensating current retirees and retirees benefits. The founded system was unsustainable for baby boom generation. Moreover, Medicare Fund is by law to request to buy U.S Treasury Bonds. It has one only asset to fund the government, so if it collects taxes of the assess of expensive it needs, it

The Challenges of Medicare 3 The Challenges of Medicare Tonya McMunn Medicare is a national social insurance program administered by the United States federal government since 1966. The discussion of a national insurance program goes back to 1912 when Teddy Roosevelt was president. Fifty-three years later President Lyndon B. Johnson signed legislation for Americans to start receiving Medicare coverage. The Medicare program

After looking a at the social security video I learned that, social security is a financial safety net for people in their families. I also learned that FICA and OSDI represents social security taxes. The law requires employers to match the amount of social security taxes that an employee pays into the social security trust fund. The trust fund is the money that is received from the FICA tax dollars. 85 percent of every social security tax dollars paid, goes into a trust fund that pays current retirees

President Franklin D. Roosevelt signed the Social Security Act into law on August 14, 1935. The main intentions of this act were to provide benefits for the elderly population that was retired and not able to work. This act helped to protect the elderly against poverty if they were not able to save for retirement during their working years. At the time of the signing, only retired people of 65 years or older were eligible for these benefits. This act also included unemployment insurance, old age

Social Security at 80: Time to Retire? or Revise In 2015, America’s Social Security System turns 80 years old. The original act was a landmark bill, as it was the establishment of America’s safety net. The promise of the act was to ensure that America’s retirees would have some protection from poverty. Since the Social Security Act of 1935 was passed, the social safety net has been expanded to cover additional groups and classes of people. The most important additional programs established being

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

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

considered during the 1930’s as a part of president Roosevelt new deal. It was believed that the inclusion of the plan could jeopardize the success of social security and hence was not added at that time. President Truman officially initiated the talks on national health insurance program, but LBJ finally signed it into law and added it to the Social security amendment in 1965. Since 1965 Medicare had changed multiple times with extended eligibility to individuals under age 65 who have long-term disabilities