The Past, Present and Future of Social Security

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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 nation's 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 Security benefits were not paid until 1942 to allow for a period of partial forward funding. The retirement benefit service was funded by a two percent tax on the first $3000 of payroll earnings, 1 percent form employers and 1 percent from workers. In 1939, Social Security was amended to include coverage to dependents of workers who died. The payroll tax income was also set aside in a separate trust fund.

Social Security gained national commitment in 1950 when the Old Age Assistance program was phased out. Benefits were increased by 77 percent and the payroll tax rate was increased to 6.5 percent on a phased ? in basis. This increment was partly a response to an expansion in private pensions that were being won by unions in collective bargaining agreements. The pensions, usually, served as a supplement to social security benefits. Employers supported Social Security increases because they were considered more economical than private pensions. In order to increase Social Securit...

... middle of paper ...

...bout higher deductibles, reduced benefits, or the probability of a government-run program that many not meet its commitment. The increase in the nation?s savings rate would not only benefit retirees, but would strengthen the economy. Savings would be invested privately, which would create new businesses and jobs.

Bibliography

Cambetas, Daniela. The Economic Reality of Social Security. Social Security. 25 Aug.

2007.

Conover, Pat. ?A Concise History of Social Security.? 20 July 2001. 25 July 2007.

http://www.ucc.org/justice/ss/history.htm.

Social Security Online. 25 July 2007. .

Social Security: The Perspectives in Detail. Public Agenda Online. 8 Aug. 2007.

http://www.publicagenda.org/issues/debate_detail2.cfm?issue_type=ss.

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