social security
Social Security Social Security has long been a topic of heated debate for the people of the United States from small, low income families to the most educated Harvard graduates. Although all Social Security programs serve for only one simple purpose to provide people income and benefit after their retirements, different people all have different perspectives and ideas on how this goal should be achieved. The new elected president Bush also carries out his own plan of allowing partial or total privatization of SS. Is it a good solution for the problems remaining in our present SS system? What is the main problem of the Social Security system? And how does Bush's proposal affect our financial future? Those questions are going to be answered in my paper. But first of all, let's take a look at the history and legislation change of the Social Security program. Because of the massive unemployment and poverty caused by the Great Depression, the government realized that it had to do something to protect employees from unemployment, illness, and old age. The first step taken was the Social Security Act of 1935, Employees used to sue their employers to receive compensation after a work-related in
html), and by the end of the 30 years, he will get $89,027 return compares to only $18,113 from the government operated social security program which has a real rate of return of only 2%. That's almost five times difference. People will need to work longer hours than if a funded system were used to be able to afford the same amount of retirement income. I think the best solution to this problem should refer to the Bush's plan on the Social Security reform. The damage it dose to national saving and investment is severe. Again according to the same web site. During the 40's , there is virtually no change in the Social Security program. That's nearly 1% of the GDP compared with the data from our textbook. This will also minimize harsh feelings toward the Social Security system and will give people more incentive to cooperate and see their own personal benefits, as well as the benefit of the government (less tax losses) and economy. I think the SS Amendments of 1956 was the first big step to deal with disabilities. Harvard economist Martin Feldstein argues that "Social Security contributions can be expected to grow at the same low rate at which the payroll tax base has been growing : 2. " The other one is " Welfare reform legislation, signed by President Clinton in 1996, terminated SSI eligibility for most non-citizens. One of the most major problems is that the money that the taxpayers earn on their mandatory Social Security contributions is a lot less than they could earn in a private pension, a funded system or even the unstable stock market.
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