It would be nonsensical to take away Social Security, as the program, for all of its flaws, gives the government the ability to tax wage earners in support of the program. If this tax revenue is stopped, and the government still has to provide for those in need as it surely will do without Social Security in place, an attempt to solve one problem will be replaced with a much larger crisis.
Replacement of Social Security with a privatized system is a popular remedy for phasing out Social Security, but this is an unlikely scenario, given the fact that private accounts would only create a feeding frenzy among Wall Street power brokers to collect huge commissions on financial transactions, while the account holders are left with nothing (Baker, 1998). The bottom line is that ending Social Security is unlikely and impractical.
Conclusion/Recommendations
In conclusion, as has been shown, from a variety of viewpoints, Social Security will be around in thirty years; however, this is not to say that the program does not need help. In researching the Social Security issue, there are recommendations that have come about as a positive by-product of the research. Simply put, in closing, it is recommended that Social Security benefits be revisited, and perhaps adjusted to encourage individuals to take more responsibility for their retirement finances, and qualifications...
Social Security was instituted with the passage of the Social Security Act of 1935. It was signed into law by President Roosevelt as a means of providing a social safety net for retirees. The passage of Social Security occurred during the depths of the Great Depression. Prior to this, the concept of social security did not exist in the U.S. -- you either worked until you died, or you retired
Social Security A proposal to change the program Reducing Benefits: This can be done in various ways. Monthly benefits can be reduced by minimizing cost of living adjustments or by minimizing the primary insurance amount (PIA) for a certain average indexed monthly earnings (AIME). Other proposals include targeting reductions towards high-income retirees. Benefits can also be reduced by increasing the retirement age or imposing full taxes on social security benefits. These benefit
("Canada Social Security and Welfare," 2012) (Aaron, 1999) (Livingston, 2007) This is different from Social Security as these areas are not covered. Any kind of assistance for health care would fall under other programs (i.e. Medicare and Medicaid). However, these are only designed to protect those individuals who meet the age and income requirements. To provide assistance for low income families, this would fall under the WIC program (which is
Social security is financed with the idea that those people currently working, along with their employers, can donate enough money to pay the benefits to those currently getting them: not only retired people but some people with disabilities, and some widows with young children. When Social Security first began, this system worked well. The problem facing Social security is that the numbers of retirees are going to increase at the
Social Security Crisis While the United States does not provide a pension and health care for all its citizens as some countries do, we do have a program designed to make sure that all our older retired workers have some money on which to live. Called Social Security, it also provides money to people who are so disabled before retirement age that they cannot work, and (depending on the age of
Social Security Today The History of Social Security: What it is and How it Works The Social Security system was established in 1935 by President Roosevelt in order to provide some form of economic security to the elderly. The first world war and the following world wide economic depression had left many elderly people without a support system. This insecurity, along with the general economic turmoil of the era, led to many
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