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Public Finance-Social Security Insolvency - Term Paper Example

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This work called "Public Finance-Social Security Insolvency" describes the stimulants of insolvency as actual intensions of deeds and future probabilities. From this paper, it is clear about the history of social security, causes of the anticipated insolvency, governmental regulations, responses to causes of insolvency. …
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Public Finance-Social Security Insolvency
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Download file to see previous pages In order to remove the inefficiencies of the program and to coordinate the whole unions of soldiers, this program was restructured later and thereby all unions of soldiers got the benefit of the program regardless of the intensity of their injuries. Due to the expansion of the program, the federal government was driven to spend more than one-third of its funds to meet the military pensions in 1984. The United States was shaken by the great depression of 1930 when millions of Americans lost their jobs and struggled to meet the livelihood. The event prompted the thoughts of a comprehensive social security system for the survival of the weakest in times of such severe situations. Franklin Roosevelt became the president of America in 1932 and the depression was at its intense stage in this period. He was the first person who suggested an idea of social insurance in America although it was characterized by several weak aspects. Roosevelt’s idea was the milestone in the history of social security programs and it was molded into its present form subsequent to various amendments of Roosevelt’s basic frame.
As a result of Roosevelt’s fruitful concepts, Committee on Economic Security (CES) was formed in 1934 and it became the stepping stone in the history of social security systems. Roosevelt’s CES idea has very much similarity with the system of social insurance program which already existed in some European countries. This plan persuaded the workers to set aside a specified percentage of their income to a separate account so that they can use this amount to meet the monthly expenses after retirement. Subsequently, the al Security Act (SSA) came into force in 1935. Since 1935 the SSA system has been exercising in the ith relevant modifications in accordance with changing economic situations and population of the country. Currently, the al security system in the ed States is known as the Old-Age, Survivors, and Disability Insurance (OASDI) program. Deaven and Andrews (vii) list other social security programs which include “Unemployment Insurance, Temporary Assistance to Needy Families, Health Insurance for Aged and Disabled (Medicare), Grants to States for Medical Assistance Programs (Medicaid), State Children’s Health Insurance programs (SCHIP), and Supplemental Security Income (SSI).   ...Download file to see next pagesRead More
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