Social Security Paper: History, viewpoints, ways to change system

social certificate Research Paper During the Great Depression, the prudence was crashing, thousands of people were losing their jobs, and businesses went bankrupt. So, on June 8, 1934, President Franklin D. Roosevelt announced to congress that he would provide a design for fond Security. He created the committal on economic Security to investigate the problem of the delivery and to provide whatsoever solutions to this problem. Eventually, on August 14, 1935, President Roosevelt passed the social Security Act. The exertion was designed to help people in need of ecumenical welfargon and to pay retired workers, aged 65 or older, a continuing income after solitude to protect them from poverty. The broadcast later(prenominal) changed to include unemployment insurance, old age assistance, and aid to dependant children and the elderly. fond Security benefits, which be paid monthly to nearly 46 million people, are the backbone of the nations entire retirement income system. Employees are required by law to pay 7.65% of their income, while their employers leash this amount. Of this 7.65%, 6.2% is actually honorarium for Social Security, while the other 1.45% is requital for Medicare benefits. This dish up continues until the employee makes his or her first $90,000. After that, they give yet be required to pay 1.45% of their income until the end of the year, when the full-length process allow repeat itself again.

For many years this program has worked successfully because the number of people paying for the program, or the menstruation workers, has been more than than the number of retirees, or the non-workers. The current problem with Social Se curity is that as the baby boomer generation! late reaches retirement age, social security strategists predict that the situation will be flip-flopped. Therefore, there will not be adequacy funds coming into the program fast enough to corroboration this... If you loss to get a full essay, order it on our website: OrderEssay.net

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