This website uses cookies to ensure you have the best experience. Learn more

Impacts Of The Disappearance Of Social Security

2268 words - 9 pages

More and more talk recently about the fact that Social Security is on the fast decline has left many people, especially those around the retirement age, wondering what they are going to do for their income when they retire and the system falls through. The fact that this system is disappearing is quickly turning into a major problem because there is a large percentage of the economy that is on the verge of retiring and they are going to need money for that. How, though, will they receive this money if it no longer exists?
Social Security is a system that is set up in the United States that helps people of old age still have a source of income after they retire. It even helps some people who have medical issues and are not able to work. Everyone that does work, however, has to pay a percentage of every paycheck they make towards the Social Security fund to help the people who need it. Then, at a certain age, when people are eligible for it, they start receiving payments from it while other people continue to pay into it. But for some time now, there has begun to be more people taking money out of the fund than putting money in to the fund. It is said that “after 2017, the U.S. Treasury will have to sell more public debt to finance the Social Security deficit” (Pozen 54). While some people continue to refuse that there is actually a problem with Social Security at all, it has been proven that the system is slowly but surely disappearing; in order to fix this growing problem, the head officials in the government are going to need to step up, admit what is going wrong, and start coming up with logical solutions that everybody is going to be happy with to fix it.
A lot of people are questioning why so many think that there is a problem with the Social Security system in America. It is stated that “a gloomy forecast is predicted because of Social Security funding shortfalls, a disappearing defined-benefit pension system, and a dearth of private savings” (Tacchino 8). This goes to show that there is actually a problem with the system and that there is more than one reason as to why the future of Social Security is so uncertain. Defined-benefit plans are plans that the company one works for provides for each employee and they are based on things such as the number of years the employee works and the salary that they earn. Chuck Blahous, a former Senior Fellow at Hudson Institute who specialized in domestic economic policy, says that “the acceleration of Social Security’s difficulties is leaving egg on many a face- not only those of the most vocal problem-deniers, but on those of other forecasters as well” (27). Some people refuse to believe that Social Security is actually in the process of disappearing (Blahous 26). Denying the fact that there is a problem with this could leave many people in a lot of financial trouble if they realize that there is no more security to fall back on and they don’t have money to retire because they weren’t concerned...

Find Another Essay On Impacts of the Disappearance of Social Security

Cutrural and Social Impacts of the Internet

1414 words - 6 pages the University of Twente gives us a look at advantages and disadvantages of the internet in his essay ‘Evaluating the Social and Cultural Implications of the Internet’. His general advantages are as stated above; from communication to education and so forth. Brey also gives us examples of disadvantages of the internet. He states that the internet can contain false information and even harmful information. Due to this overwhelming amount of

Economic and Social Impacts of the Olympics

1921 words - 8 pages a huge issue among the people of today. The goal is to make more than one spends. And if the leaders of the Olympics don’t watch what they spend, they could be in a hole deep enough for the world to bury them. However, when one thinks about those children playing in the Centennial Olympic Park fountains and the thousands of students being able to have a dorm room, one must look at the social impact of the Olympics as well, good or bad. Studies

The Negative Impacts of Social Media

2532 words - 10 pages The use of social networking sites is rising at great rates. According to a report conducted by the Pew Internet & American Life Project in 2012, ninety-five percent of individuals aged 12-17 use the internet; and eighty-one percent of those use social network sites (Pew Interest). Although it is known that social media can have a useful impact on lives, often times people forget that with a positive comes a negative. The continual use of social

The History of Social Security and Social Security Administration

1452 words - 6 pages Social Security and Social Security Administration Michael Jones worked his whole life. At the age of 15 he started as a dishwasher at a restaurant a mile away from his house. He never graduated high school because he had to quit school to help his single mom support a family of six. There were many times in his life where he worked two jobs, but at minimum-wage, if that, 80 hours a week still did not go far. By the age of 20 he was married, and

Theories on the Disappearance of Amelia Earhart

1390 words - 6 pages rescue expedition in flying history.” (Gillespie, p xiii) On July 19th, the search was called off. (Amelia Earhart, Biography, p 1-2) Throughout the years, many theories about her disappearance have been developed. Crash and Sank Theory The “Crash and Sank” theory says that Amelia Earhart ran out of fuel before she could find her destination, Howland Island, and was forced to go down somewhere in the ocean. In an official report, the U.S

The Case of Casey Anthony's Disappearance

2209 words - 9 pages statements to law enforcement, child neglect and obstruction of a criminal investigation. Casey was interviewed by officers regarding the disappearance of Caylee and claimed that she “felt that Caylee was still alive” (YouTube, 2008). Casey remained calm, emotionless and flirty throughout the interview with the police officer and continued to claim that she did not know the whereabouts of Caylee and insisted on discussing unrelated issues with the

The Disappearance of Native Americans in California

1642 words - 7 pages in California, the world as Native Americans knew it was never the same again. The late 1700s initiated and marked the colonization of Spaniards in the “Golden State” which in turn provoked the massive persecution and extermination of Native American population as well as the disappearance of Native heritage and culture. As a result, the recurring despairs and adversities of the Indian population began. Professor Edward D. Castillo expresses

Disappearance of Roanoke: The Lost Colony

794 words - 4 pages When most people think of the early settlement they think of the first successful settlement, Jamestown, but this was not the first settlement in the New World. The settlement at Roanoke was the first attempt to colonize the New World. The settlement at Roanoke is often referred to as the “Lost Colony” because of its unusual disappearance. The reason people often do not know about the first settlement at Roanoke because it was abandoned

Social Impacts of Technology: Analysis of the Telephone

3168 words - 13 pages Is technology good or bad? This question is the root of a continuous debate on whether the effects of technology on society are more positive or negative. Technology has changed the world in so many ways, and certain inventions have made significant impacts on society. One of these inventions is the telephone. The telephone has become one of the most common tools used in the world and because of this, it "has had a much more profound social

Privatization of Social Security

1639 words - 7 pages end up in poverty. Social Security was signed in as law on August 14, 1935 by President Franklin D. Roosevelt and was fully operating by 1940 (SSA). Originally a retirement program, but Social Security now includes survivor benefits, disability benefits and Medicare and all together is the largest expenditure of the federal government (SSA). Evidence proves that today Social Security is not sustainable which is the reason that Social Security

Privatization of Social Security

1601 words - 6 pages end up in poverty. Social Security was signed in as law on August 14, 1935 by President Franklin D. Roosevelt and was fully operating by 1940. Originally a retirement program, but Social Security now includes survivor benefits, disability benefits and Medicare and all together is the largest expenditure of the federal government. Evidence proves that today Social Security is not sustainable which is the reason that Social Security should be

Similar Essays

Disappearance Of The Mayan Civilisation Essay

566 words - 2 pages social classes which revolted. This however did not happen as all Mayans disappeared from the area.The disease theory is also a large theory contributing to the cause of the disappearance of the Mayan civilisation. A widespread epidemic disease could explain the rapid depopulation of the Mayan people while still leaving the city's buildings and wealth behind. A parasitic disease would be common in the Mayan tropical rainforest area due to a warm and

The Disappearance Of Flash Websites Essay

1754 words - 7 pages If you need a website that "goes big" visually alongside complex interactions and delivers a rich experience to a vast range of browsers, Flash is the only way to go. Right? Nope. With the widespread adoption and advancements in both newer browsers and JavaScript Libraries, using Flash (or any other plug-in technology) makes little sense for MOST situations but can have its place on the web, given considerations for progressively enhanced

Impacts Of Social Media Essay

1219 words - 5 pages Impacts of social media The English Definition of social media is “websites and other online means of communication that are used by large groups of people to share information and to develop social and professional contacts” (“social media”). In comparison a German professor defines social media like this: Social media is used for the connection of their users and their communication through the Internet (Prof. Dr. Oliver Bendel). One can see

The Future Of Social Security Essay

744 words - 3 pages adjustments in the smallest increments can make the largest impacts on the system of Social Security. Young people and many others are convinced Social Security will not be there when they reach the retirement age. Some proclaim it will only become a monthly allowance from the government, not providing for all the needs one requires. After years of paying into the system, the return will be insubstantial for adequate living. Retirees will have to look