Argumentative Essay On Social Security
Why should someone spend their whole life paying taxes in order to get nothing back? This is what Social Security, a system used to provide financial aid to retirees in the United States, is becoming. In 2034, the system is projected to only be able to pay 75% of the payments it is supposed to make, declaring Social Security insolvent, or unable to pay its debts (Baldwin). Social Security, the primary source of income for two-thirds of retirees in the United States, is paying out $68 billion more than what is being taken in through taxes and is only getting worse (Baldwin). In the Crash of 1929, the stock market lost 40% of its value when a drop in confidence from consumers caused much lower demand for goods and services than usual (Historical
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Roosevelt sent Congress a message regarding his desire for a social insurance program in the United States in an effort to beat unemployment and poverty during the Great Depression, a period of time where many people found themselves out of work and with little money (Historical Background). On August 14, 1935, Roosevelt signed the Social Security Act, creating a consistent income for those who are retired or unemployed (FDR signs). Social Security is a system that collects taxes from workers to pay into a fund which is then used to give payments for the disabled and unemployed elderly. This act gave people more determination to find a job, knowing that if they became unemployed afterwards, they could cash in on unemployment insurance (Historical Background). In January of 1937, the first payroll taxes, meaning taxes out of a worker’s salary, for Social Security were collected, and the first monthly payments were made in 1942 (Historical Background). In 1939, two amendments to Social Security were made to supply payments to the spouse and children of retired workers and increase the amount of benefits overall (Historical Background). Since then, $8.7 trillion has been paid into Social Security and more than $7.4 trillion has been paid out in benefits, with the surplus sitting in a fund for future use (Historical
Roosevelt sent Congress a message regarding his desire for a social insurance program in the United States in an effort to beat unemployment and poverty during the Great Depression, a period of time where many people found themselves out of work and with little money (Historical Background). On August 14, 1935, Roosevelt signed the Social Security Act, creating a consistent income for those who are retired or unemployed (FDR signs). Social Security is a system that collects taxes from workers to pay into a fund which is then used to give payments for the disabled and unemployed elderly. This act gave people more determination to find a job, knowing that if they became unemployed afterwards, they could cash in on unemployment insurance (Historical Background). In January of 1937, the first payroll taxes, meaning taxes out of a worker’s salary, for Social Security were collected, and the first monthly payments were made in 1942 (Historical Background). In 1939, two amendments to Social Security were made to supply payments to the spouse and children of retired workers and increase the amount of benefits overall (Historical Background). Since then, $8.7 trillion has been paid into Social Security and more than $7.4 trillion has been paid out in benefits, with the surplus sitting in a fund for future use (Historical