This year Social Security assistance accounts for over 20% of the federal budget and will make up even more for the years to follow. Almost all political sides agree that Social Security must be reformed in some way before the baby-boomer generation begins to retire and collect. Social Security benefits refer to all those measures established by the government through legislation that help an individual or household to maintain an income of a certain level, insure income if one's employment is lost, provide assistance for the disabled and old aged, and many other forms of compensation. Social Security may be defined through several characteristics. These characteristics include mandatory participation, contributions for benefits, and the stipulated time at which Benefit payments begin. For a number of these characteristics and future issues, the Social Security System must be reformed or completely abolished to meet the needs of tomorrow.
The leading concerns of Social Security that merits the immediate initiation of reform are the demographic and economic... [continues]
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