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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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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