Essay On Social Security

Social Security, Medicare, and Medicaid are all government programs that provide economic security to people who are retired, unemployed, or unable to work. Social Security is provided through payroll taxes called Self Employed Contributions Act Tax and Federal Insurance Contributions Act tax. Tax is taken by the Internal Revenue Service and is dispersed to the retired, unemployed, and to people who are incapable to have employment. Almost all people that are paid by salary as their income are taxed by FICA and/or SECA. Almost all legal United States citizens working in the United States now have their own Social Security number. Nearly all working residents, since Social Security came about in 1935, have a Social Security number required to get a job or to pay the IRS.

Social Security began during the first term of President Franklin Delano Roosevelt's, as a gauge to apply "social insurance" during the 1930’s Great Depression, when poverty rates of senior citizens exceeded that of 50 percent. The Act was an effort to constraint unexpected and unsuspecting danger in the present life: including old age, disability, poverty, unemployment, and the burden of widowers with and lacking children. President Roosevelt’s opponents however acknowledged that the Act was that of socialism.

Title II of the initial Social Security Act of 1935 established a national arrangement intended to bestow economic protection for the nation's workforce. The system formed provided reimbursement to individuals who were 65 years old or older and who had "earned" retirement benefits through work in jobs covered by the system. Benefits were to be paid for by a payroll tax paid by employees and their employers on wages up to a certain amount. Monthly benefits we...

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...for what they should be paying for. They did this by over borrowing money through taxes paid by United States working class citizens. The other thing is since there is huge generational population difference; the money paid does not support all the people so they borrow money from the taxes that we pay as a way of paying the recipients of social security. The huge problem with that is that we are now paying for something that we hope we have but will probably never see a penny of it.

Overall the system was designed to provide economic security but in turn turned into a train wreck of money taken from income that will likely never be seen by the people who pay for it. The tax that the funders pay is slowly increasing and becoming more complicated with ne benefits very quickly. The law states that when we are taxed the government is violating, by law, our property