For more than 75 years, social security has been designed to ensure retired workers that there will be money when it comes time to retire. Since 1935, social security has been the main foundation of economic security for Americans. Social security has developed a steady income for retired workers and helps the disabled worker make a decent living as well. The money made by the worker is divided into payments to help provide for them and their family. There are a few suggestions that should be taken into consideration in order to help fix social security problems. The raising old taxes that finance social security, and raising the retirement age, and only providing social security to ones who earn less than a certain amount of income are some …show more content…
It is an essential part to Americans all over the United States and this program was made for a reason and should still continue. If the social security benefits were cut, Americans would not longer survive financially. Social Security has been in effect for 75 years now, and has helped many retired workers and people with disabilities. It has been successful until recently when strategies predicted that the rate of payee is less than the rate of beneficiaries. Although, money will not come in fast enough to keep the program going, the solution is not to cut benefits or to shut it down. Social Security is beneficial for all, and some could not live without it. It’s basically a reward for the retired workers and the Americans that have worked hard and long for. The age to retire is 62, and that’s the earliest age. Although, you have no choice but to retire, you don’t necessarily have to retire at that exact age. Americans could work longer and collect more benefits. There are some strategies that has major economic potential. If the elderly worked longer, their earnings would gather and generate the payroll taxes. This would also help the social security’s troubled finances. Everyone looks forward to retiring from their job, but working longer has its rewards. Surveys showed that working longer would give them more time to learn about retirement and social security and will keep them on track into retiring. Older Americans look forward to starting a new job in their late ages and those who work longer are more likely to be happy and healthier than people who have already
There are millions of Americans affected by social security. These Americans rely on social security to provide them with financial security. Recently President Bush agreed to proposing a method of privatizing the social security program so that in the future the vast reserves of the social security system would not run out nearly as fast. With the always increasing rise in inflation, and the baby boomer generation reaching ages of retirement fairly soon, this is an issue that needs to be dealt with correctly and rapidly. The way the president is handling the situation is definitely the right way to do it. There are many things and ways in which to do it wrong, but the president seems to be pointing the plans of social security in the right direction. The president’s plans of reforming social security are right because the privatization is the best way to go, changing the rules for those who would apply for it increases the savings and makes the money go farther, and working with the distribution of different tax percentages would really make the money go a lot farther.
In order to keep social security for future retirees, there needs to be some effective changes. Social Security was created in 1935, and since then, times have changed drastically. Using a law that was created when life expectancy was not high, or not considering the possibility of a large generation retiring around the same time would not ECONOMICAL ISSUES WITH SOCIAL SECURITY 7 be practical and a good idea. If anything, there should be changes made to the law. Instead of everyone contributing to the social security pot, why not have a personal social security savings account.
In today’s America, there are many people who would either be disgusted at the very mention of Welfare or be highly grateful for its existence. I believe that in order for welfare to be more effective in America, there must be reform. From the time of its inceptions in 1935, welfare has lent a helping hand to many in crisis (Constitution Rights Foundation). However, at present many programs within the system are being abused and the people who are in real need are being cheated out of assistance. The year after the creation of welfare unemployment was just about twenty percent (Unemployment Statistics). The need for basic resources to survive was unparallel. Today, many people face the same needs as many did during the 30s. Some issues with
Introduction There have been some challenges in trying to figure out the right approach to follow in a research study, and this semester is more of an eye opener that reveals the expected ways in conducting research, which has been a very interesting and tough process. Dudley (2011). The four major search strategies available for locating references related to the chosen topic issues: (1) consultation, (2) searches in subject indexes, (3) browsing, and (4) footnote chasing. Researchers need to be aware of all of these strategies in information gathering. Question 1: What have you learned about research?
The lives of millions of immigrants are affected everyday due to limited access to acquiring legal citizenship. Out of that group there are 2.1 million children and young adults under the age of 18 that are eligible for permanent citizenship at this time (The DREAM Act). In 2001 Dick Durbin and Orrin Hatch presented a Development Relief and Education of Alien Minors (DREAM) Act that provides a path to becoming a legal citizen. The DREAM Act has yet to be passed, but there is a temporary Deferred Action for Childhood Arrivals (DACA)(The DREAM Act). The DREAM Act will provide options and opportunities for people to continue their path of life in America. The DREAM Act should be passed as it will benefit our economy, positively affect and strengthen our military, along with increased access to education.
Social Security is a system that was set up in 1935 after the Great depression to help people get through tough times. "Social Security is now used by nearly 44 million Americans"(policy.com). Only people who payed into social security are eligible to collect when they retire. Many people think that they receive the money they pay in but that is not total true. The money that you pay in is used for the people that are receiving it now. "In 1950 there were 16 workers for every beneficiary; today there are only three workers per beneficiary"(policy.com). There is more money going into social security then coming out now. The extra money goes into a trust to be used when it is needed. By the year 2032 those numbers are going to drop. By this time most baby boomers will be retired and collecting social security. This will put a big strain on the funds. There will be more money going out then coming in. And it will not take long to use all the money that is in the trust. By the year 2034 they will only be able to pay 75 percent of the beneficiaries. "The projected average monthly Social Security benefit in 2032 of about 1,100 (in 1998 dollars) would fall to about $800, and would drop further in later years. Average benefits for low-wage earners would drop from $670 to $480"(www.ssab). Theses cut would effect the people just starting to receive benefits and those who are already receiving benefits. And with each year these benefits will decrease. As these benefits continue to decrease "the percentage of aged people living in poverty would rise"(www.ssab).Most people believe this is happening because of the baby boomers generation. There will be more people taking from social security then giving in. By the time my generation is eliable to receive social security there may not be any money to give.
As part of the Affordable Care Act, beginning this year Medicaid will expand eligibility to include all uninsured individuals under the age of 65 whose incomes fall at or below 138 percent of the Federal Poverty Level, or about $32,500 for a family of four. However, the 2012 Supreme Court ruling that upheld the law also allowed states more flexibility concerning what parts of the ACA they can implement and said that those same states would not lose federal funding for their existing programs. This result would leave the decision to opt out of the law's provision into the hands of state legislators. While twenty-six states have chosen to expand healthcare coverage, twenty-one states have not and four have yet to make a decision. The state of Florida is among those not seeking to expand coverage and that decision alone could cost Florida millions of dollars a year in tax penalties. As conservative and liberal state lawmakers square off into a maelstrom of debate over whether Medicaid should cover more people, thousands of uninsured Floridians will be caught in the crossfire.
The White House, along with the politically biased Social Security trustees’, argue that Social Security is facing a crisis in that “the currently legislated structure of revenues and benefits, the system will eventually be unable to meet its financial obligations” (Bethel University, 2006, p.344). At its inception in the 1930’s, “there were more than sixteen workers to support each Social Security recipient. Today, there are about three, and in 2031, that number is predicted to dwindle to about two (Driscoll & Konczal, 2009). And the number of retirees is expected to nearly double from about 37 million to around 73 million (Driscoll & Konczal, 2009). So how to pay for this? The White House’s proposed solution is to establish individual retirement accounts which would be gradually phased in for younger entrants into the workforce allowing them “to build a “nest egg” for retirement…” (Bethel University, 2006, p.347) while maintaining the existing structure for those 55 or older. Other seemingly attractive features are ownership and control, the ability to in...
The United States offers citizens benefit programs at every level of government to help with life’s hardships, and a considerable number of people participate. A variety of benefits are available for all Americans and some non-citizens who are in need of aid. Many Americans are aware that these programs exist, but may not be informed about how many people receive assistance, what kind of benefits are available, or who garners government relief (Welfare Info.).
Most of the United States (U.S) is comprised of immigrants—including those who have migrated to the States from another country and those whose ancestors freely travelled to the States in search of a fresh start. Every year, the U.S. grants a limited number of people around the world the opportunity to immigrate to the States each year. As a result of the restriction, citizens from neighboring countries cross the border illegally. According to an article by Jens Manuel Krogstad, 11.3 million unauthorized immigrants reside in the U.S. in 2014. This whopping number has stirred controversy both politically and economically for America’s government officials. As a result, many people argue whether illegal immigrants should or should not be aided
Social security, since instituted in 1935, has kept many elderly people from running below the poverty line (Hosansky). In 2015, the Social Security Administration predicted that the funds would be depleted by 2034 (Max). This poses a serious threat to the living situation of future generations when they retire. Our elderly, by today’s standards, enjoy a comfortable lifestyle. They are able to retire and still make over one thousand dollars a month. Some people also have private pensions which allow them to live even more comfortably. But with social security funds running out, we must ask the inevitable question. Is it worth having social security anymore? Social security should be kept. One must never fully rely on social security. In addition
The Affordable Care Act, more commonly known as Obamacare, is a new health policy created by the American federal government. Its purpose is to make healthcare more affordable and friendly for the people. Unfortunately in some way that does not prove to be the case. It is becoming apparent that Obama may have made some misleading statements to help get the ACA put into action. The ACA is sprinkled with many flaws that call for a reform such as people’s current plans being terminated, high costs, and at minimum some people’s hours being cut by their employers.
Social Security has become a primary source of income for so many retirees and disabled workers. With the increase in recipients, the fund will experience a shortfall that will impact future retirees. The future of Social Security looks bleak unless the government takes steps to reform the program to continue to meet the needs of the current as well as the future recipients. Whether it is to raise taxes, decrease benefits, or privatize Social Security, action is needed. We all want the benefit of enjoying our later years after retirement but it would be hard to enjoy life after work when your primary source of income disappears with no alternative. There are many options to explore to make the changes needed. Reform to Social Security needs to be made soon or it will not last beyond the next generation of retirees.
There is much-heated debate on the issues of Social Security today. The Social Security system is the largest government program of income distribution in the United States. People are concerned that they won't see a dime of what they worked so hard to contribute into the Social Security system for so many years. Social Security provides benefits to about forty-three million Americans. Not only to retired workers, but also to their spouses and dependents of the workers who die prematurely. It also provides benefits to disabled workers and their dependents. Social Security appears to most people like a simple retirement saving’s account. After all, you generally contribute through payroll deductions, then get money back after you retire. Nonetheless, Social Security is a complex and intricate communal program. By design, Social Security involves massive subsidies from the next generation of retirees to the present, from single workers to married couples. Now that the gigantic post World War II baby boomers generation approaches retirement age, there is concern about the consequences it will have on Social Security. There are basically three options, we can do nothing and allow Social Security to run it’s course, revise Social Security, or consider privatization of the system.
Universal health care is medical insurance provided to all the residents of a country by their government. Out of all the major industrial countries, The United States is the only country without a universal health care system. In 2010, President Barack Obama signed a health care reform law making it illegal to be uninsured in America, which is a major step towards it. Universal Health Care should be mandatory in America because it gives everyone an opportunity to receive more equal care, the overall health of the population would increase and current insurance plans are unaffordable for many Americans.