Social Security Crisis Essay

5291 words - 21 pages

It was early spring in the year 2048 and my bithday was coming up this August 26. I would be turning 70 years and retirring. I am not looking forward to it as much as I thought. My whole life I dreamed of moving to Florida and living on the beach when I retired. I planned on traveling a lot seeing the great sites the country has to offer. All of these plans have changed instead my yougest son is putting an addition on his house so that I could move in. I am very thankful for what he is doing, but I really don't want to go. I want my privacy and I'm sure he wants his too. There is no other choice I worked as long as I could but I'm just getting to old. We all agree that I am not going into a nursing especially me. If the government would have told us that they couldn't solve the Social Security crisis almost 30 years ago I would have prepared better. But instead they promised they could save it and the program would still be aruond when I retired. They obviously lied and now I have nothing. Moments later I hear music its my alarm clock. It was only a dream its April 1996 and I'm 18. The article about the Social Security in the paper had me thinking and I must have a bad dream.The Presidential election will be coming up this November '96 and the question that many of Americans have on their mind is what are you going to about the Social Security crisis? This question has our nation divided between generations. The elder people of our nation (ages 50 and up) feel confident that Social Security will be there for them and that it should be left alone. On the other hand the Baby Boomers (ages 31-49) and Generation X (ages 18-30) lack this confidence fearing that they will never receive Social Security, and the money they put in would be a waste. Many politicians are afraid to touch this issue because the elder still make a large number of the voting block. Speaking as a member of Generation X it is our duty to vote for change in Social Security to ensure we will have something to look forward to when we retire. We can not wait any longer to defeat this crisis.The Social Security crisis is the threat of the Social Security system going bankrupt. Well its more than just a threat its the reality. The common belief is that Social Security is a saving fund where the government takes a certain percentage out of our weekly pay. Then that money is put into a savings fund where it is held until we retire. When we retire the money is returned to us in monthly checks plus the interest. This is where we are wrong. Social Security is a pay-as-you-go system where the current workforce pays for the present retirees, and then when they retire they will depend on the younger workforce to pay for them and so on and so on. Which is fine when you always have more workers then retirees. This is the problem the government will face when the Baby Boomers retire in the year 2010. In 1950 there were 7.2 workers for each retiree. Today there are 3.2 workers for every retiree,...

Find Another Essay On Social security crisis

Privatization of Social Security Essay

1601 words - 6 pages government do as they please? No, I would think not! For the sake of ourselves, our children and grandchildren, we must come together and knock out the old and bring in the new. It’s your money and you are going to need it later, so choose Privatization of Social Security.   Works Cited Alexander, Michael A. Private Investment Accounts: a non-solution to the Social Security Crisis. 18 December 2004.

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

920 words - 4 pages solutions to fix the Social Security financial crisis. Privatization is one option, where Social Security payers would instead have their own private accounts to put into the stock market, bonds or other investment ideas. But with this idea come risks; the stock market is not a sure guarantee. Also, the protection against death and disability would be threatened because there would not be enough money saved up in a person's private account to

The Great Depression and Social Security

1225 words - 5 pages economic programs aided the country in recuperating from this crisis. Although there were numerous programs that helped in this economic recovery, Social Security that played a vital role in the re-stabilization of the United States. It not only decreased the level of poverty amongst the elderly in the United States but it also spurred economic growth through greater current spending. It was an important improvement in social justice at a time when

Social Security

1179 words - 5 pages that if we approach this debate with courage and honesty, we will succeed.      I am really against the change of the Social Security system because it is going to dismantle the system and it is going to take very hard work to change the system the way he wants it to be. The Social Security system will face a crisis. The plans that President Bush plans to go about will amount to a huge cost. The United States is already

Chinese Administration response to 2008 financial crisis

975 words - 4 pages the crisis. As an effort to enhance social security and technological innovation, China implemented a plan to revitalize and adjust industrially in the beginning of 2009 (Yu, 2009; Zhang, Tang & Lin).Bibliography1Cook, Sarah and Lam, Wing, "The Financial Crisis and China: What are the implications forlow income countries?," Institute of Development Studies.2Cova, Pietro, Pisani, Massimiliano and Rebucci, Alessandro, "Macroeconomic Effects

Social Security: Will it Ensure Security in Retirement?

2188 words - 9 pages Security predict the system bankrupting, even without the government removing funds to reduce the general budget shortfalls, but many deny the probability of a crisis. A bankrupt system cannot provide a secure future for individuals and their families, and even if a Social Security bankruptcy is not in the future, the benefits are relatively low. Taking the time to plan and save for retirement can mean the difference between a poor standard of

Groups in Context(Families In Crisis)- Conduct a detailed investigation into the group of your choice.

2095 words - 8 pages FAMILIES IN CRISISLEGAL AND SOCIAL DEFINITION: A family in crisis is a family suffering some kind of trauma. The trauma may be physical, emotional, social or financial, expected or unexpected, temporary or permanent. A family may be in crisis for many reasons; it may be due to a natural disaster, death of a family member, a family breakdown, drug or gambling problems, retrenchment, domestic violence or alcohol, mental health issues or chronic

Retirement Age

2152 words - 9 pages Lipshultz, there is no crisis among social security benefits, as more baby boomers retire, “it merely means that there will be, for a time, more old people and fewer young. The solution is obvious, raise taxes on the part of the population that can afford to pay – the wealthy.” (Hilt & Lipschultz, 2006) This is a crisis to most Americans who have been relying on their contributions to the social security system and now are faced with the possibility

Social Security

2509 words - 10 pages poor in purchasing groceries. The Supplemental Security Income system was enacted in 1972. It established a national system of means-tested assistance for the elderly and disabled poor. Amendments to Aide to Families with Dependent Children have extended coverage to many poor two-parent families with children, and court decisions have helped broaden eligibility.In the early 1980s, the Social Security program faced a serious financing crisis

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 Policy in Brazil

998 words - 4 pages security deficit jumped in 2009 to 43.6 billion reais ($24.6 billion) as the global financial crisis slowed revenues from contributions in the first half of the last year.” So we believe the Brazil government can increase the business tax and or ask companies to help out the system. Or Brazil government can create repay program, to charge like 1 or 2 percent to people who receive the welfare. Third problem that “Brazil’s National Social Security

Similar Essays

Crisis In The Social Security Administration

2354 words - 9 pages As an advocate for the Social Security Administration (SSA), I would like to suggest the following proposal for your examination and potential action. The SSA, one of Americas leading organization that serves to the benefit of the public, is undergoing a series of crises. The agency functions through a top-down system of authority. Although, at first this may seem as the best method of running such a large entity, in reality it creates a

Social Security System: Success To Failure

2230 words - 9 pages trouble in the future with providing benefits. With the retirement of “baby boomers” in around 2018, real crisis will start for Social Security Administration with providing higher amount of benefits from lower amount of incomes. Controversies and the system Roosevelt and his Economic Crisis Committee, in 1935, came up with the simple idea of providing benefits to the generation of retired workers from tax money of currently

Privatization Of Social Security Essay

1639 words - 7 pages Cited Alexander, Michael A. Private Investment Accounts: a non-solution to the Social Security Crisis. 18 December 2004. . Crane, Edward H. America's Social Security System: The Case for Privatizing. 15 April 1998. . Hardaway, Robert

America's Social Security: Running On Empty

1504 words - 6 pages exceeded non-interest income in 2010, which was its first time since it was redone in 1983 (Social Security Online). It will also be further strained by the growing number of baby boomers retiring and applying for benefits. As it stands our country is in the worst economic crisis since Social Security was started during the Great Depression (Associated Press). The economy effected Social Security’s projection that it would collect $45 billion less in