Social Security Reform
A little over 60 years ago the nation struggled through what was, up to then, the most dramatic crisis since the Civil War. The economy was uprooted after the crash of the stock market and the country's financial stability destroyed. One of the many steps taken to alleviate the burden on the American people was that of the passing of Social Security Act of 1935 and its amendments by Congress and the President, Franklin D. Roosevelt. Under the provisions of the Act, the government would take on the responsibility of taxing the income of all working Americans and returning the money through numerous public benefits and programs. Now the nation faces an economic and political problem with the program instituted to earnestly help the people. In the first half of the next century the government will face the task of paying benefits to a large generation with funds it will not have. 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 measu
Everyone, including children age 5 or older, is required to have a Social Security (2) Eligibility for benefits and levels of benefits depends on past contributions made by earners. The final proposal by radicals is to abolish many programs, including Medicare, which may not be necessary to the substantial living of some individuals. US economist Daniel Patrick Moynihan states that "politicians are scared of each other and the AARP" (Thomas 2). res 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 other assistance for disability, old age, survivors, and other forms of compensation. "But, when the baby boom generation retires, eventually only two workers will be paying for every retiree"(OMB, 1998 Budget 195). As currently, the PAYG system has allowed for four workers to pay for every retiree. "Social Security: A Program's Rise. The criticisms of Social Security, or "Insecurity" as some have labeled it, have been discussed and now the issue about how to revise and fix these problems must be firmly addressed by the Government in its all-knowing, all-powerful stature. Free-market agencies and business would favor any change, however (McNamee). Retired workers account for 61 of all social security recipients and of those 60 rely on it for half or more of their total income. 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.