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The Debate Over Social Security Today - Research Paper Example

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Social Security Name University Social Security Introduction President Roosevelt created a committee for the purpose of Economic Security during the period of 1930s, this committee coined an act recognized as the Social Security Act and during the era of 1935, this act became part of US constitution…
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The Debate Over Social Security Today
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Download file to see previous pages The program created to aid those who are unemployed in US is still functional and the program that was created to assist the families that have dependant children has been transformed into a program created to aid the needy ones. The era of the Great Depression led to the creation of Social Security Act but the same idea existed even before this time period. For example: during the 1880s a program to aid the old aged people, pregnant women and ill people was functional in Germany. These programs are said to be developed due to the urbanization of Germany. Similarly, the program of social insurance is said to have developed due to the urbanization in US. During the period of 1880s the number of people working in industries and number of people working in farms and agricultural arena were equal. By the 1930s, the number of people working in farms decreased to 21% of the total workforce and people started gaining wage based employment in the industrial sector. Further states that the wages earned by people working in industrialized areas were variable in nature even before the Great Depression. Before the Great Depression, the unemployment rate between the eras of 1905 to 109 fluctuated from as low as 3.9% to 16.4% and the unemployment rate during the era of 1920 to 1924 fluctuated from 4.1% to 19.5% (Kennedy, 1999). When ever economic downtrend took place in US, the category of people who took most of the burden were the old aged people, other side effects of downtrend included loss of income due to impairments and death. These effects gained the attention of the policy makers and during the Great Depression these issues gained more strength as during this era the unemployment rate in non agricultural sectors elevated to 34%. Increase in the degree of these issues made the policy makers create the Social security program (Green, 2003). The early developed program of Social Security was not designed in a way to provide fast relief from the effects of the Great depression. The early program was somewhat like the Townsend plan according to which individuals aging 60 and above were provided with an old age pension of $200. This amount was only provided to those individuals who were not employed or could not work and they had to spend the entire amount in one particular months time period. This program never became a part of the US constitution but gained tremendous popularity because it focused on wiping of poverty and to obtain economic success. Body Several features of the Social Security Act of 1935 are still available in the current Social security system, over the years the system has experienced various changes. The changes made to the act during the era of 1939 have now become a part of debate. The Act in its true shape was created with the purpose of providing retirement funds to those who were no longer employed and were aging over 65 years. The formulation of the benefits that were to be offered to old aged people under this act was based on the income earned by these old aged people since 1937 and the benefits were offered to people coming from limited kinds of jobs. The first formulation of benefits offered very low benefits to the old aged people as compared to the wages earned by an average worker during that time period (Livingston, 2008). These benefits were never applied to the Social Security Act; the only features applied from this Social Security A ...Download file to see next pagesRead More
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