Social Security
Social Security survived in the past because it is addressing a universal human need of financial security. Every person has to face the uncertainties that life can bring, be it death, disability or old age. Before the 20th century more then half of the people living in the United States lived and worked on farms ("Social"). Their economic security was provided by their extended families. When the country got to the point where more people lived in urban areas rather then rural areas, the extend family and family farms as a source of economic security dwindled. The Great Depression was the event that exposed the weakness in the country's economic structure. Social Security, from that time to the present, has been the program that has kept many retired persons out of poverty. The challenge facing us now is to keep Social Security in tact for the 21st century. Over a period of three months beginning in late 1929 the stock market had collapsed, losing $26 billion; 40% of its value. Unemployment surpassed 25%, the Gross National Product declined from $105 billion during the "Roaring Twenties", to $55 billion and wages paid to workers declined from $50 billion in 1929 to $30 billion in 1932. For those above the age of 60, po
If absolutely no changes are made to the program, after the trust funds are exhausted, Social Security will only be able to cover thr!ee fourths of the benefits owed ("Future"). "Why Stocks And Social Security Don't Mix. 4% income tax will be diverted into a personal investment account administered by the government. "Wall Street is OK for Social Security but not Uncle Sam.
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Acceptance Essays
