Social Security System In The United Sates. The History And What It Is Like Today.

1083 words - 4 pages

SOCIAL SECURITY"Social security is a government program that helps workers and retired workers and their families achieve a degree of economic security. Social security, also called social insurance, provides cash payments to help replace income lost as a result of retirement, unemployment, disability, or death" (Haydock, 2002) . In this paper we will take a closer look at The United States Social Security System.The social security in the United States has three parts. The first part consists of old age, disability, survivors, and hospital insurance (OASDHI). The second is Unemployment and the third is workers compensation.To become eligible for social security one must have earned work credits or have a family member that has. The number of work credits earned depends on the amount of money the person has earns per year. A worker can earn a maximum of four work credits a year, regardless of how much money they make.To qualify for retirement benefits a person must have 40 credits. If a person turns 62 before 1991 they may have fewer than 40 credits. You must also be fully insured or currently insured.Workers disability before the age of 31 may collect if they have earned at least six work credits and if they have earned work credit for at least half the time between their 21st birthday and the time they became disabled. Workers disabled after their 31st birthday generally need at least five years of work credit in the 10-year period before they became disabled.The United States was one of the last major industrialized nations to establish a social security system. In 1911, Wisconsin passed the first state workers' compensation law to be held constitutional. At that time, most Americans believed the government should not have to care for the aged, disabled, or needy. But such attitudes changed during the Great Depression of the 1930's. Many Americans realized economic misfortune could result from events over which workers had no control.In 1935, Congress passed the Social Security Act. This law became the basis of the U.S. Social Security system. It provided cash benefits only to retired workers in commerce and industry. In 1939, Congress amended the act to benefit wives and dependent children of deceased workers. In 1950, the act began to cover many farm and domestic workers, nonprofessional self-employed workers, and many state and municipal employees. Coverage became nearly universal in 1956, when lawyers and other professional workers came under the system. Congress added disability insurance to the system in 1956 and set up Medicare in 1965."In 1972, the U.S. Congress set up an automatic indexing plan, which raised Social Security benefits each year to reflect the rising cost of living"(Social Security, www.governmentguide.com) . It provided for automatic increases in the wage base to help finance the higher benefits.In the late 1970's, prices increased much faster than wages. This trend caused benefits to rise more rapidly than payroll tax...

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