A Report On American Economics In English Includes Social Security

1964 words - 8 pages

A Report on American Economics in English Includes Social Security006 American Government-EconomicsMost of the problems of the United states are relatedto the economy. One of the major issues facing the countrytoday is social security.The United States was one of the last majorindustrialized nations to establish a social securitysystem. In 1911, Wisconsin passed the first state workerscompensation law to be held constitutional. At that time,most Americans believed the government should not have tocare for the aged, disabled or needy. But such attitudeschanged during the Great Depression in the 1930's.In 1935, Congress passed the Social Security Act. Thislaw became the basis of the U.S. social insurance system.It provided cash benefits to only retired workers incommerce or industry. In 1939, Congress amended the act tobenefit and dependent children of retired workers and widowsand children of deceased workers . In 1950, theact began to cover many farm and domestic workers, nonprofessional self employed workers, and many state andmunicipal employees. Coverage became nearly universal in1956, when lawyers and other professional workers came underthe system.Social security is a government program that helps workers and retiredworkers and their families achieve a degree of economic security. Socialsecurity also called social insurance (Robertson p. 33), provides cashpayments to help replace income lost as a result of retirement,unemployment, disability, or death. The program also helps pay the costof medical care for people age 65 or older and for some disabledworkers. About one-sixth of the people in the United States receivesocial security benefits.People become eligible to receive benefits by working in a certainperiod in a job covered by social security.Employers and workers finance the program through payroll taxes.Participation in the social security system is required for about 95percent of all U.S. workers.Social security differs from public assistance. Social security paysbenefits to individuals, and their families, largely on the basis ofwork histories. Public assistance, or welfare, aids the needy,regardless of their work records.All industrialized countries as well as many developing nations have asocial security system. The social security program in the United stateshas three main parts. They are (1) old-aged, survivors, disability, andhospital insurance (OASDHI), (2) unemployment insurance; and (3)workers' compensation.THE SOCIAL SECURITY PAYROLL TAXThis tax was to be taken from the payrolls of the nation's employers andemployees. The government felt that, like unemployment benefits, thesocial security should be financed by those who got the greatestbenefit, those who worked, and were liable to need those benefits in thefuture.A plan that would affect those only who had paid such a tax for anumber of years would have done those who were currently suffering underthe Depression no good at all. As a result, the social security planbegan...

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