Social Security Essay

1375 words - 6 pages

- -Social Security, also known as the 'Old-Age Trust Fund', is the largest social program in th e United States. It's main fuction is to meet the needs of workers who are retired or disabled. On August 14, 1935 the Social Security Act became a law. There were a lot of problems and revisions in the process, but the program was finally put into effect. The country was in dire need of something, anything to get the U.S. back on it's feet economically and socially. It was a very accepted program because by the time it became a law, the citizens were willing to try anything.There have been quite a few changes since 1935 and there are sure to be a few more in the nexst decade because of problems not taken into account by the 'founding fathers', such as the baby boom generation and the strain it has put on all stages of society.Prior to 1935, there had been the Great Stock Market Crash, which caused the failure of a great number of banks and the bankruptcy of many people and industries. the employment rate was critically high for a nation. All the aged were working until they physically could no longer do so because they needed the money to live. In that time, when a person retired, he lived with his children and grandchildren because he had no money to support himself. If a son or grandson lost his job, the three generations of a family would become dependent on one man. It was not possibloe to support that many people with one paycheck so the grandparent would stay on the job as long as possible. this led to high unemployment, especially of the young generation of working-age boys. With the unemployment and the bank problem, there was no money circulaiton in the economy, which made it all the harder to support a family. Another reason why the elderly people could not retire is because not all of them had families to take care them and none of them had saved enough money to afford their retirement themselves. 'Hardly more than one out of twenty in 1928 drew a pension from private industry, while masses of state and municipal employees knew no such security as that furnished to federal workers.'1 America was sick of 'sending the old folks over the hill to the poorhouse.'2The original concept of the Social Security system was to develop a way to give financial aid to the aged by having them contribute part of their paychecks to this program, which would be partially funded by the federal government. This was the alternative to having the people of the United States pay taxes to finance their retirements, which would have been impossible, as they were too poor at the time to give up any more money in taxes.Under the Franklin D. Roosevelt administration, the New Deal legislation tried to stabilize the economy and bring it back on it's feet. This brought the U.S. to the welfare stage that was long-awaited, yet many other countries, such as England, Sweden, Australia, and New Zealand, already had programs in effect to help their dependant and aged. A few...

Find Another Essay On Social Security

Social Security Essay

1178 words - 5 pages As one of the largest and most influential government programs in United States history, Social Security has garnered the majority of public attention when talk of government spending deficits and fiscal reforms occur. Despite being the most obvious area for potential spending cuts, Americans do not seem overly enthusiastic about reforming or repealing a program they have already begun to contribute towards. This is a major issue for the

Social Security Essay

779 words - 3 pages The social security act was created by President Roosevelt's committee and was passed by Congress as part of the New Deal. This was formed to help prevent modern day dangers in the American life such as poverty, and burdens of widows and fatherless children. President Roosevelt was the first president to advocate for protection of the elderly. This was originally an act that provided benefits to retirees and unemployed. This act provided money

Social Security

999 words - 4 pages On August 14, 1935, the Social Security Act was enacted ... "To provide for the general welfare by establishing a system of federal old-age benefits and by enabling the several states to make more adequate provision..."The real significance of this Act is that it was the country's first major federal government program to deal directly with the economic security of its citizens. Before then, such matters were handled by states and private

Social Security - 3672 words

3672 words - 15 pages The Social Security Act of 1935: "From the Cradle to the Grave" The Signing of the Social Security Act The Wikimedia Foundation Ethan Ross Block 3 Mr. Swidler March 28th, 2014 1 There have been many economic crises in the history of the modern world, but none have ever been as severe or devastating as the Great Depression. Triggered by the stock market crash of 1929, the Great Depression forever altered the course of American history. The

Privatization of Social Security

1639 words - 7 pages It’s a matter of either losing all that you have worked for and live in poverty when retired or allowing your hard earned dollars to grow and have a secure comfortable retirement. I believe that Social Security is a doomed Government Program and that Privatization of Social Security would allow for a more secure retirement plan for all Americans. Social Security was first created to help aging Americans in their senior years so they would not

Privatization of Social Security

1601 words - 6 pages It’s a matter of either losing all that you have worked for and live in poverty when retired or allowing your hard earned dollars to grow and have a secure comfortable retirement. I believe that Social Security is a doomed Government Program and that Privatization of Social Security would allow for a more secure retirement plan for all Americans. Social Security was first created to help aging Americans in their senior years so they would not

Social Security Reform

715 words - 3 pages Social Security has played a major role in supporting the elderly as well as sick and disabled financially for many years. However, we do not know how long this will last their are many problems facing social security and the funding of it with the population continuing to grow more and more people are taking advantage of social security. The main problem is people who do not really need the help and free income of social security abusing it

Privatization of Social Security

1381 words - 6 pages Privatization of Social SecurityWhen people lease a car, they pay, knowing that they get something in return. When people pay taxes, they pay, knowing it's the law, and many get some money back. What do people think when they pay social security? Many young people see Social Security as something they are paying but will never get anything in return. What is another way for retirement for the United States?A major topic of retirement talk today

Social Security Reform

2268 words - 9 pages Social Security Reform A little over 60 years ago the nation struggled through what was, up to then, the most dramatic crisis since the Civil War. The economy was uprooted after the crash of the stock market and the country's financial stability destroyed. One of the many steps taken to alleviate the burden on the American people was that of the passing of Social Security Act of 1935 and its amendments by Congress and the President

Social Security Needs Reform

1551 words - 6 pages Social Security is a program for eligible workers and their dependants that provides income when they reach retirement age (65), become disabled or die. The US government's Social Security account is funded by taxes garnered from working men, women and their employers. The tax is 6.2 percent of a workers gross wages and the employers match that for a total of 12.4 percent. The money gains interest throughout the worker's life and in theory will

Social Security Benefit Indexing

834 words - 4 pages Social security benefit payments put increasing pressure on the Federal budget. The Social Security Administration has estimated that the system could become insolvent by 2041. With the U.S. national debt at over $17 trillion, or about $54,000 per person, reforming Social Security to ensure its solvency is a major problem for economic policymakers. One proposal to tighten benefits it to change the automatic cost-of-living adjustments (COLAs

Similar Essays

Social Security Essay

1179 words - 5 pages Social Security      Social Security is a public program designed to provide income and services to individuals in the event of retirement, sickness, disability, death, or unemployment. In the United States, the word social security refers to the programs established in 1935 under the Social Security Act. Societies throughout history have devised ways to support people who cannot support themselves. In 1937 the

Social Security Essay

1677 words - 7 pages Introduction Social Security provides for the needs of a country’s citizens when they are no longer able to provide for themselves through gainful employment, is an issue that evokes multiple viewpoints. Before laying the framework of the argument for meaningful change to social security program, the program itself must be defined. The Social Security Program is based on the premise during your productive working years you pay a percentage of

Social Security Essay 2509 Words

2509 words - 10 pages AbstractThe purpose of this paper is to address the development of a Social Security Act through its historical phases. Social Security has two distinct meanings in American life. Specifically it refers to the old age insurance system established by the Social Security Act of 1935. It also describes a much broader goal: the protection for all citizens against a wide range of suffering, including poverty, homelessness, disability, and ill health

Social Security Essay

2265 words - 9 pages Social Security Since the beginning of time there has been a longstanding tradition of the workers supporting the elderly. This was practiced during biblical times, with the children supporting their parents, and has continued to the present day. As times changed and humans developed more as a society, it became apparent that everyone should be required to support those who cannot work. The goal in mind is to provide everyone with economic