Is the Social Security System Broken?
Is the Social Security System broken?
Problems with the Social Security System
Problems with the Social Security System
The Social Security System, created in 1935, is the one of the most costly items in the federal budget today. The program was created to provide old age, survivors’ and disability insurance to a large portion of Americans, mostly the elderly who are now out of the work force. The Social Security Act was a major turning point in American history (William, 2007). Today the U.S. Social Security system has been in the news a lot lately. While politicians throw around dramatic words like “crisis” and “bankrupt,” regular Americans have more mundane concerns. Social Security has assisted to defend millions of employees from scarcity in their elder years, but demographic truths have transformed over the last seventy years and are still altering. (Smith, 2010)
If Social Security does not transform with them, the system will be incapable to fulfill its guarantees to tomorrow’s retirees and will load the next generations, our children and grandchildren, with hard taxes. The President would let Americans save some of their Social Security taxes in personal retirement accounts that they own and that Congress can never legislate away. Personal retirement accounts would strengthen Social Security by assisting all US citizens to raise their retirement income and pass on a nest egg to construct a better fiscal future for their households. (Smith, 2010)
Several Social Security professionals think the system is in crisis because it will soon be incapable to fulfill its guaranteed distribution payments to qualified retirees (Koitz, 2003). Republicans and Democrats tend to have extremely different concepts not only about how the Social Security system should encounter this disaster, but they also vary considerably on how the regime should address personal retirement requirements.
Social Security is financed by the payroll taxes of existing
Problems with the Social Security System
Problems with the Social Security System
The Social Security System, created in 1935, is the one of the most costly items in the federal budget today. The program was created to provide old age, survivors’ and disability insurance to a large portion of Americans, mostly the elderly who are now out of the work force. The Social Security Act was a major turning point in American history (William, 2007). Today the U.S. Social Security system has been in the news a lot lately. While politicians throw around dramatic words like “crisis” and “bankrupt,” regular Americans have more mundane concerns. Social Security has assisted to defend millions of employees from scarcity in their elder years, but demographic truths have transformed over the last seventy years and are still altering. (Smith, 2010)
If Social Security does not transform with them, the system will be incapable to fulfill its guarantees to tomorrow’s retirees and will load the next generations, our children and grandchildren, with hard taxes. The President would let Americans save some of their Social Security taxes in personal retirement accounts that they own and that Congress can never legislate away. Personal retirement accounts would strengthen Social Security by assisting all US citizens to raise their retirement income and pass on a nest egg to construct a better fiscal future for their households. (Smith, 2010)
Several Social Security professionals think the system is in crisis because it will soon be incapable to fulfill its guaranteed distribution payments to qualified retirees (Koitz, 2003). Republicans and Democrats tend to have extremely different concepts not only about how the Social Security system should encounter this disaster, but they also vary considerably on how the regime should address personal retirement requirements.
Social Security is financed by the payroll taxes of existing
References: William, J. (2007). Social Security System. New York: The Free Press. Smith, D. (2010). “Issues with Social Security System.” New York: Thomson Gale. Koitz, David. (2003). Social Security Reform. California: Hoover Institution. Zeleny, Jeff. (2009). Social Security System. New York: Routledge.