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Issues Related to Social Security Fund - Essay Example

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Issues Related to Social Security Fund According to National archives (2012) ,Social Security Trust Fund was established by US President Franklin Roosevelt on 14 August 1935 under the law . Purpose of the program was to provide old age benefits, pensions and unemployment insurance to senior citizens, retired people widows and poor…
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Download file to see previous pages In 2012 balance of payment in the fund was 57.3 Billion dollars on the plus side after paying complete liabilities which shows good situation of the fund. However 2012 Trustees Report has projected calculations according to which the fund will collapse by year 2033 due to downward trend in wages and excessive borrowing by Treasury. There have been speculations by financial experts according to which the fund lacks strength to sustain itself over coming decades despite current value of $ 2.7 Trillion quoted by National Committee to Preserve Social Security and Medicare ( 2012 ) . According to There is one opinion that it is unfair to charge the same amount from a billionaire and the one earning $110,000 per annum . The fixation of earning limit is known as Payroll Cap, which is required to be enhanced to $ 250,000 to keep it progressive for the next 75 years, according to few analysts. According to senator Bernie Sanders quoted by Common Dreams Website (2012) “Social Security Fund faces no risk”. Currently 55 Million American benefit from the fund. Although the income may be as low as $ 23000 for a couple, in many cases this is the only source of income they have in the old age. In this back drop the fund is saving millions from poverty in old age and remains one of the best social programs in American history. The significance of program can be judged from the fact that before it half of senior citizens lived under poverty whereas after its launch only 10 % live under that line. The current discussion about the program is related to budget deficit in USA. Few financial experts have proposed that in order to balance the budget a cut should be introduced on social security fund and other programs like Medicare and Medicaid etc. President Bush introduced tax cuts for two years in 2010 which will expire in the end 2012. There is a debate that these tax cuts be made permanent despite the fact that over next 75 years loss in revenue due to taxation would be twice as great as shortfall in social security fund. For long-term solvency in Social Security Fund an early decision by lawmakers is necessary to spread cost over decades and give savings confidence to people retiring over the years. The budgetary cuts imposed now will have economic impact on American Nation in the decades to come therefore extreme caution is required while making changes in legislation. People who were born in baby boomer era would be entering retirement bracket in current decade therefore there would be a bigger pressure on Social security Fund. However it is upto the policy makers to guide the Nation in the correct direction. Why was the article written about the topic at the current time? The article has been written at the current time due to following reasons. First of all Bush Administration enacted the Taxation laws in end 2010 for two years, the limit of this law would have terminated by end of 2012 however it has been extended by President Obama according to Jennifer (2012) . This means payment of more taxes in the name of Social Security and other related programs. Since Social Security Fund is already surplus to the tone of $ 57.3 Billion after paying liabilities, there has been a demand to slash down the fund. Historically it is common for this fund to exceed liabilities therefore reduction in this fund to balance the budget (due to recession) is being demanded which is not logical in the long term effects on dependents of fund. How ...Download file to see next pagesRead More
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