Social Security Essay

Topics: Old age, Retirement, Ageing Pages: 2 (592 words) Published: December 16, 2012
Derp Garcia
Economics Pr.1
Mr. Williams
16 September 2012
Social Security
Social security is any government system that provides monetary assistance to people with an inadequate or no income. The United States government program established in1935 that provides old age, disability, and survivors insurance, as well as supplementary security income, an income for elderly or disabled people. Social security is important in the U.S. because it lifts 20 million people out of poverty. Social security has changed in the past few years in our society today 37 million people get social security benefits of more than $15 billion a month. In 1985, about 122 million people will work in employment covered under social security, which applies today to 95 percent of all jobs in our economy. Changes in social security can affect us by encouraging later retirement, promoting the return to full-time work after retiring, and facilitated working part time after retirement. Some problems we face with social security is that it’s becoming insolvent and unless changes are made by the time we hit 2037, social security won’t have enough money to continue to pay the same kind of benefits people are getting today. The original purpose of social security was to offer a baseline insurance policy for retirees. As life expectancy increased and ratio of workers to those in retirement started to drop. This meant that the money coming in would soon not be enough to support the money going out attempting to avert future problems in 1983. In 70 percent of households headed by people 80 and older, Social Security currently provides 70 percent of the income. This shows that the average American worker needs Social Security to be there for them when they retire. We can improve this problem by lowering benefits or by raising taxes. There are fears about generational conflicts. But while the solutions are easy to find, all of them will result in someone either paying more or getting less. Social...
Continue Reading

Please join StudyMode to read the full document

You May Also Find These Documents Helpful

  • Economics and Social Security Essay
  • Social Security Essay
  • Social Security Essay
  • Essay on Social Security System
  • Social Security Reform Essay
  • Social Security Schemes Essay
  • What Is the Future of Social Security Research Paper
  • Essay about What Is the Future of Social Security?

Become a StudyMode Member

Sign Up - It's Free