Free Essays on Social Security

Summary of Social Security Articles The article entitled â€Å"The Boomers Queasy Future,† dealt with the fact that social security will be running out soon so government officials are looking for ways to remedy this problem. Because the baby boom generation is so big there is a problem with getting them the necessary social security for when they retire. Interest from the trust funds that support social security will be exhausted by the year 2032. One way would be to deny the upper-class their right to Medicare. This would free up some government money for such important things as social security. Raising taxes is another way. However, people would not take too kindly to such repercussions. Today the young generations pay for the older generation so that they can retire. One way to remedy this problem is if everyone paid for their own social security. Another way to solve this inevitable problem is to invest people’s trust funds into the stock market. Another way would be to cut pay roll taxes and put them towards IRA’s or individual retirement accounts. No withdrawals from these accounts could be made until the person reaches 62. However, people do not trust the stock market. The stock market could fluctuate and the other problem is that some people will not be sure what the correct stocks to pick are. People are also strongly opposed to raising the retirement age and cutting benefits such as health care. Nowadays, young people will have to pay for their elder’s retirement as well as pay for their own retirement. Just about the only way to resolve this problem is to establish a Social Security Reserve Board which would invest trust funds into private stocks and bonds. The second article entitled â€Å"Straight Talk on Social Security† also deals with the problems of diminishing retirement funds. President Bush favors the idea of creating personal retirement accounts. Both Democrats and Republicans fav... Free Essays on Social Security Free Essays on Social Security Social Security â€Å"Social Security, public programs designed to provide income and services to individuals in the event of retirement, sickness, disability, death, or unemployment.† (Encarta online Encyclopedia) On June 8th 1934, Franklin D. Roosevelt announced to the nation his intentions to introduce a Social Security program. Roosevelt then brought in five members of his cabinet level officials to study the United States and its economic insecurity so that he could use that information to persuade congress with. This committee was called the Committee on Economic Security. They were responsible for developing and writing the report that would be given to congress so they could see a detailed legislative proposal. The report gave President Roosevelt what he needed to proceed with sending the bill to congress to be voted on. In January 1935 he introduced the bill to both the House of Representatives and the Senate at the same time. The bill was passed by a large majority in both houses. The Social Security Act was finally made a law in August 1935 by President Roosevelt. Along with this act there were several provisions for general welfare. But the Act created a social insuranc e program that would pay retired workers, 65 years of age or older a continuing income after retirement. "We can never insure one hundred percent of the population against one hundred percent of the hazards and vicissitudes of life, but we have tried to frame a law which will give some measure of protection to the average citizen and to his family against the loss of a job and against poverty-ridden old age." President Roosevelt upon signing Social Security Act. The Social Security program has never been a flawless one. Since the introduction of the program in 1935 it has been modified more than 20 times by major amendments. Still to this day there are struggles within this system. This program still hasn’t achieved everything that... Free Essays on Social Security Most of the problems of the United states are related to the economy. One of the major issues facing the country today is social security. The United States was one of the last major industrialized nations to establish a social security system. In 1911, Wisconsin passed the first state workers compensation law to be held constitutional. At that time, most Americans believed the government should not have to care for the aged, disabled or needy. But such attitudes changed during the Great Depression in the 1930's. In 1935, Congress passed the Social Security Act. This law became the basis of the U.S. social insurance system. It provided cash benefits to only retired workers in commerce or industry. In 1939, Congress amended the act to benefit and dependent children of retired workers and widows and children of deceased workers . In 1950, the act began to cover many farm and domestic workers, non professional self employed workers, and many state and municipal employees. Coverage became nearly universal in 1956, when lawyers and other professional workers came under the system. Social security is a government program that helps workers and retired workers and their families achieve a degree of economic security. Social security also called social insurance (Robertson p. 33), provides cash payments to help replace income lost as a result of retirement, unemployment, disability, or death. The program also helps pay the cost of medical care for people age 65 or older and for some disabled workers. About one-sixth of the people in the United States receive social security benefits. People become eligible to receive benefits by working in a certain period in a job covered by social security. Employers and workers finance the program through payroll taxes. Participation in the social security system is required for about 95 percent of all U.S. workers. Social security d... Free Essays on Social Security Summary of Social Security Articles The article entitled â€Å"The Boomers Queasy Future,† dealt with the fact that social security will be running out soon so government officials are looking for ways to remedy this problem. Because the baby boom generation is so big there is a problem with getting them the necessary social security for when they retire. Interest from the trust funds that support social security will be exhausted by the year 2032. One way would be to deny the upper-class their right to Medicare. This would free up some government money for such important things as social security. Raising taxes is another way. However, people would not take too kindly to such repercussions. Today the young generations pay for the older generation so that they can retire. One way to remedy this problem is if everyone paid for their own social security. Another way to solve this inevitable problem is to invest people’s trust funds into the stock market. Another way would be to cut pay roll taxes and put them towards IRA’s or individual retirement accounts. No withdrawals from these accounts could be made until the person reaches 62. However, people do not trust the stock market. The stock market could fluctuate and the other problem is that some people will not be sure what the correct stocks to pick are. People are also strongly opposed to raising the retirement age and cutting benefits such as health care. Nowadays, young people will have to pay for their elder’s retirement as well as pay for their own retirement. Just about the only way to resolve this problem is to establish a Social Security Reserve Board which would invest trust funds into private stocks and bonds. The second article entitled â€Å"Straight Talk on Social Security† also deals with the problems of diminishing retirement funds. President Bush favors the idea of creating personal retirement accounts. Both Democrats and Republicans fav...