The Past, Present and Future of Social Security Essays

Social Security A Historical View Social security, the federal retirement system, is one of the most popular government programs in United State?s history. Today, Social Security benefits are the backbone of the nations retirement income system. The long road to the successful development of social security began in 1935. Before 1935, very few workers received job pensions. Those workers that were covered never received benefits because they were not guaranteed. Franklin D. Roosevelt signed the original Social Security Act. It comprised of two services: a Social Security retirement benefit that applied only to workers, and a welfare program for the elderly called Old Age Assistance. Social†¦show more content†¦By 1960, seventy eight percent of workers were insured. Nearly universal coverage was reached in 1965. In 1956 disability insurance was added. Women were, also, allowed to retire at 62 with benefits equal to 80 percent of what they would have received at age 65. Men were offered a similar early-retirement benefit program in 1961. By the mid 1960?s, Social Security had demonstrated success by achieving its primary goal of reducing the percentage of elderly living in poverty. New legislation that included Medicare and Medicaid added to the success of Social Security by increasing the tax base for Social Security and raising benefits by 7 percent, by allowing retirement recipients to work without losing benefits, and by amplifying the definition of disability. In 1969 benefits were raised by 15 percent. In 1972 they were raised by 20 percent. They were, also, indexed to increase at the rate of inflation. In 1972 the United States suffered an economic downturn. Legislators worked on ensuring that the Social Security program pay all the benefits that had been promised. In 1974 SSI was added as a welfare program, instead of expanding Social Security. The tax rate and the amount of payroll subject to the payroll tax were increased without increasing benefits. In 1983 President Reagan tried to drastically cut retirement and disabilityShow MoreRelatedThe Past, Present, And Future Of Social Security1437 Words   |  6 Pageshappily. Along with our 401K we hope we finally get back all the money we paid into Social Security. The program started when America was at its worse, to help the people that were at an age where they couldn’t help themselves. Since then things have changed dramatically now a days we are skeptical if we will ever receive it at all. In this essay I will talk about the past, present, and future of Social Security. The Past. We have all been told one time or another that the Great Depression started onRead MorePopulation Aging And Human Life Expectancy1160 Words   |  5 Pages In the present days, the world is experiencing the transition in its population, the total number of people aged 65 and more has gradually become larger. This transition is called population aging. Population aging refers to a trend that the proportion of people aged 65 and more is expanding in an area. Population aging can be measured by the ratio between the total number of people who are 65 years old and older than 65-year-old and the total population in a certain district. In the UnitedRead MoreReform for the Social Security System Essay872 Words   |  4 Pages The Social Security System is in need of a new reform; our current system was not designed for the age stratification we have at this time. The U.S. Social Security Administration Office of Policy states, â€Å"The original Social Security Act, signed into law on August 14, 1935, grew out of the work of the Committee on Economic Security, a cabinet-level group appointed by President Franklin D. Roosevelt just one year earlier. The Act created several programs that, even today, form the basis for theRead MoreEssay about The Social Security Program 1401 Words   |  6 PagesIntroduction Social Security provides for the needs of a country’s citizens when they are no longer able to provide for themselves through gainful employment, is an issue that evokes multiple viewpoints. Before laying the framework of the argument for meaningful change to social security program, the program itself must be defined. The Social Security Program is based on the premise during your productive working years you pay a percentage of your income as a tax into the social security system, atRead MoreThe Social Security System For The Elderly Citizens Essay1164 Words   |  5 PagesThe Social Security System is in need of a new reform; our current system was not designed for the age stratification we have at this time. The U.S. Social Security Administration Office of Policy states, â€Å"The original Social Security Act, signed into law on August 14, 1935, grew out of the work of the Committee on Economic Security, a cabinet-level group appointed by President Franklin D. Roosevelt just one year earlier. The Act created several programs that, even today, form the basis for the governmentRead MoreThe Social Security Act Of 19351679 Words   |  7 PagesThe passing of the Social Security Act generated a social insurance program that protected a multiplicity of people by supplying a monthly benefit to societal individuals age 65 and older who were no longer actively working; it was a means of income to individuals once they retired and was based on the person’s payroll tax contribution (Martin Weaver, 2005). The longer amount of years a person was employed, the higher their benefit amount is set to be. Social weighing was a method they used toRead More international trade Essay830 Words   |  4 Pages Privatization of social security Today, United State is on the edge for a huge change, President George W. Bush second term agenda to reform the Social Security has left us to think about a question that will have a huge impact on the future of United State, Should Social Security be privatized? Enacted in 1935, under the administration of President Franklin D. Roosevelt and modified many times since-including major change in 1983-Social Security provides benefits to workers and their family membersRead MorePast Tense and Conditional Clause708 Words   |  3 Pages   Conditional clause Main clause 1. If + Present Tense will + inf / present tense / imperative a. If you help me with the dishes (if + pres), I will help you with your homework. (will + inf) b. If the sum of the digits of a number is divisible by three, the number is divisible by three (Pres. tense) c. If you see Mr Fox tonight, tell him I am ill. (imperative). 2. If + Past Tense would + inf 3. If + Past Perfect Tense would have + past participle We do not normally use will orRead MoreSocial Security : The United States1220 Words   |  5 Pagesover 80 years social security has provided Americans with money after they reach the minimum age requirement. This money has provided retirement money for millions of people across the country but is now in jeopardy. To get an understanding of the current and future situation of social security it’s important to understand what social security is, when it was created, why it was created, and also how it has performed since it was created. After getting an understanding of social security I will thenRead MoreAnnotated Bibliography APA Format961 Words   |  4 Pagesï » ¿ Annotated Bibliography University of Maryland University College Annotated Bibliography Ghosh, C. (2013). Affordable Care Act: Strategies to Tame the Future.  Physician Executive,  39(6), 68-70. In this particular journal about the Affordable Care Act (ACA), the author Ghosh attempts to prove which areas of the medical sector will have the most impact. The research will show that the relationship between the newer technologies with improved electronic health