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Social Security - Research Paper Example

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On Financial Crisis of Social Security Outline Introduction A Brief History of Social Security The Funding of Social Security The Social Security’s Beneficiaries and Its Face at Present The Future of Social Security’s Financial Health Is Privatization of Social Security the Answer?…
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Social Security
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Social Security

Download file to see previous pages... Its funding is confronted by the fact that the Social Security payroll taxes are not sufficient to meet the assistance and benefits which will be provided to the next generation of insurance program recipients because of the generation of the baby boomers currently receiving their benefits. Indeed, the contributions paid to Social Security have gone much higher than it has been before though the 2000 Trustees Report stated that it is only up to 2037 that Social Security could pay and provide the full benefits (Social Security Administration (SSA), 2000). It is the case that the benefits and assistance that workers are likely to receive in the future is at full uncertainty. Given the problem that the public policy of Social Security is facing a long – term crisis, some proposes that privatization of Social Security would be the solution (O’neill, 2002). However, instead of resolving the financial crisis, creating private accounts does not strengthen Social Security but in fact, worsen such problem. A Brief History of Social Security In the 1930s during the period of Great Depression, the old – aged citizens had experienced more than a half higher level of poverty rates (Achenbuam, 1986). In this regard, President Franklin D. Roosevelt recognized that the economic security system was a real national need. He signed the Social Security Act of 1935 created by the Committee on Economic Security (CES) (SSA, 2004). The Social Security Act was implemented as a form of social insurance to address the needs of the old – aged citizens of America through a creation of assistance and system of benefits focusing on the needs of the elderly (SSA, 2009; Kollman and Solomon – Fears, 2001). Initially, all workers under age 65 were covered in this program only if they were working in commerce and industry excluding railroads. In 1939, there were no longer age restrictions imposed. In 1954, the act was amended to include workers with disability in which benefits are given to 50 to 64 year old disabled workers (SSA, 2004). Assistance is also provided to the adult children of the retired or deceased worker contributing to Social Security System only if disability occurred before 18 years of age (SSA, 2004). In 1969, coal miners who were affected and happened to be disabled due to a lung disease was also given assistance (SSA, 2004). Monthly cash benefits were given to those coal miners who had survived and also to their dependents (SSA, 2004). Benefits were given to the retirees and even the individuals who were laid off from their jobs (Achenbuam, 1986). In times of deaths, this program had provided a lump – sum benefit (Achenbuam, 1986). This Social Security Act was established to regulate the anticipated dangers of old age, joblessness, poverty, as well as the burdens of widows and fatherless kids in the contemporary American world (Achenbuam, 1986). The Funding of Social Security Social Security was initially funded through payroll taxes. Workers were taxed on their gross wages (SSA, 2010). The first collection of payroll taxes was in 1937. This year was the same year that the benefits from the Social Security program were first provided. From its inception up to present, payroll taxes are the contributors in the funding of the program (SSA, 2010). On the one hand, $3000.00 is the maximum taxable amount as agreed by the Social Securi ...Download file to see next pagesRead More
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Social Security
There has also been an influx in older Americans have to acquire “retirement jobs” in order to maintain their income. Many low-income households utilize social security as their only income source. Women and minorities depend on Social Security due to lack of education and employment therefore leading to accepting minimum wage positions in which they are unable to save or invest to supplement social security benefits.
8 Pages(2000 words)Research Paper
Social Security Program Issues
The term social security refers to the system of providing financial, medical and other aids to an individual to protect him from unprecedented crisis situation. In the present civilized world, social security has become an integral part of the activities which a state carries out for the welfare of its citizens.
10 Pages(2500 words)Research Paper
Social Security Research Paper
Workers make monthly contributions to this system and receive their benefits at due time. Individual saving accounts are not maintained by this system but a group of individuals who are supposed to retire at a particular a time are put together. However, there is been a debate on whether this social fund should be privatized or not.
3 Pages(750 words)Research Paper
The Social Security System
The government and the family members were the caretakers of the people who were not unable to work. Roosevelt felt the requirement of a national system. Therefore, the CES submitted their findings to Roosevelt in January 1935in which the plan of the economic security’s national program was outlined that was later recognized as the Social Security Act (SSA).
6 Pages(1500 words)Research Paper
Social Security
A high unemployment rate is a signal that a country is not healthy, and hence is not operating at its potential. An economy is said to be fully employed when the number of job seekers equals the number of job vacancies. In other words, members of the labor force who really want a job have one.
5 Pages(1250 words)Essay
Social Security Act
The Social Security Act enables retired people to have the money they not only need but deserve to ensure that they have a financially stable future. People that are
2 Pages(500 words)Research Paper
Social Security
Many banks were declared bankrupt as they had invested the savings of their clients in the stock market (Rosenberg, n.d.). With the economic downturn going on, many Americans became unemployed and a large percent of the population belonged to the poverty line.
8 Pages(2000 words)Research Paper
Social Security
It was effective at the beginning, but now is increasingly ineffective as it is unfunded and will soon bankrupt the country. Because
1 Pages(250 words)Research Paper
Social Security
Payroll taxes that comprise Federal Insurance Contributions Tax Act (FICA) and Self Employed Contributions Act (SECA) fund the US Social Security Program (Graebner, 2009). The taxes that contribute towards the social security program are collected
3 Pages(750 words)Essay
Social Security Administration
That is why it would not be a mistake to suggest that Social Security should be considered to be one of the characteristic features of a fully developed state. This paper will explore the history and the current structure of the Social Security Administration,
2 Pages(500 words)Research Paper
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