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Social Security. Social Security The Social Security system taxes individual
Americans so as to build a platform for their retirement. ...
Social Security. ... This year Social Security assistance accounts for over 20% of the
federal budget and will make up even more for the years to follow. ...
Social Security. Issues about the state of social security have come to light in
the past few years. ... Social security has a long history in our country. ...
social security. Social Security Social Security has been around for a long time. ...
A lot of people view the Social Security plan as an American concept. ...
Social Security. Social Security The purpose of this paper is to analyze social
security so as to show the reader what makes it beneficial to us today. . ...
Submitted by rotten123 on March 27, 2008
Category: Social Issues
Words: 878 | Pages: 4
Views: 161
Popularity Rank: 65,577
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Social Security
The Social Security system taxes individual Americans so as to build a platform for their retirement. It is rewarded upon disability or death, and is essentially a government run piggy back, providing a comfortable lifestyle to those of old age and or disability.
Currently, social security in its entirety faces a crisis, and is a hotly debated topic among all American. The continuing decline of social security can be attributed to two leading factors: (a) The poor condition of today’s economy; and (b) the retirement of the baby boom generation. When combined, these two factors pose a significant threat to the present and future strength of the social security system.
The baby boom generation is composed of Americans born during the late forties and to early fifties. This massive population, all nearing retirement, will cause the beneficiary costs of social security to increase from 48 million to 89 million by the year 2035 (socsec.org). Experts also foresee trust fund exhaustion by the year 2042, and as a result, only 73 percent of promised benefits will remain for future retirees. Not only will future generations never reap the benefits of their own tax dollars, but also, the already depleting economy will suffer crippling effects.
Proposals such as privatization, fast action and careful distribution of finances are all ideas suggested to prevent accumulated debt and the overall downfall of social security. Commissioner of Social Security, Robert M. Ball, gives a more detailed three-step plan to alleviate the crisis. The first step is to increase and restore the maximum earnings base to 90 percent. Ball explains that this will “maintain an invested reserve that can help meet future costs,” but must be done at a steady rate in order to avoid an exponential tax increase (www.socsec.org) The second step is to earmark the estate tax for social security. This will defer the overwhelming...
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