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

social certificate Research Paper During the Great Depression, the economic system 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 broadcast for genial Security. He created the mission on economic Security to investigate the problem of the sparing and to provide whatsoever solutions to this problem. Eventually, on August 14, 1935, President Roosevelt passed the sociable 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 design later(prenominal) changed to include unemployment insurance, old age assistance, and aid to dependant children and the elderly. loving Security benefits, which atomic number 18 paid monthly to nearly 46 million people, are the backbone of the nations entire re tirement income system. Employees are required by law to pay 7.65% of their income, while their employers taste this amount. Of this 7.65%, 6.2% is actually honorarium for Social Security, while the other 1.45% is hire for Medicare benefits. This dish up continues until the employee makes his or her first $90,000. After that, they bequeath yet be required to pay 1.45% of their income until the end of the year, when the unharmed process will repeat itself again.

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

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