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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 williej3164 on August 31, 2005
Category: Social Issues
Words: 1229 | Pages: 5
Views: 236
Popularity Rank: 40,241
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Social Security
Social Security is a public program designed to provide income and services to individuals in the event of retirement, sickness, disability, death, or unemployment. In the United States, the word social security refers to the programs established in 1935 under the Social Security Act. Societies throughout history have devised ways to support people who cannot support themselves. In 1937 the government began issuing Social Security identification cards to all citizens. Each card had a unique number that the government used to keep track of a person’s earnings and the taxes collected from those earnings that went to finance Social Security benefits. The Social Security Act is an act in which taxes would be deducted from workers earnings to finance both old age benefits and unemployment compensation. The government began collecting Social Security taxes in 1937 and putting them in a trust fund. It was a fund that the government could use to pay benefits, cover administrative costs, and invest in securities to earn interest.
Since 1935, the U.S. government has modified the Social Security Act more than 20 times by major amendments. One of the first amendments, passed in 1939, added benefit support for the family members of retired workers and for survivors of deceased workers. In 1956, under President Dwight Eisenhower, the U.S. Congress added monthly benefits for disabled workers to Social Security. Along with the amendment of 1939 for benefits to family members and survivors, this new amendment created the form of Social Security that still exists today, which is known as Old-Age, Survivors and Disability Insurance (OASDI). In 1965, President Lyndon Johnson signed an amendment that created Medicare. Medicare is a program that provides hospital insurance to the elderly, along with supplementary medical insurance for other medical costs. During the 1970s and 1980s, concern arose about the financial...
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