Social Security Conforming

On August 14, 1935 in Austin, Texas, President Franklin D. Roosevelt inked his signature on the Social Security Act. It was originally implemented to resolve problems with unemployment, old age insurance, and public health and welfare. The Great Depression was the catalyst for the creation of the Social Security program, and the basic structure was very similar to Germany’s social insurance programs from the 1880s. Today, social security is mostly used for retired senior citizens starting at the age of 62. At 62, American citizens can begin to collect, but will only receive 35% of their monthly benefit due, rather than the maximum amount of 50% when they reach the full retirement age of 66. (cite) In addition, social security is dispersed to about 14 million disabled people under the age of 62, who can no longer work in the labor force for various reasons. The people who qualify as disabled are just a small percentage of those collecting compared to senior citizens, and are often not mentioned when social security issues are brought up because of their minute effects on social security distribution.

The Social Security system is perhaps the most successful government social insurance program in the nation 's history; and began with the Social Security Act in 1935. Social Security is a needed federal system that encourages income stability to millions of people across the United States. This is accomplished by giving a stable flow of income to replenish lost wages that occur as a result of disability, retirement, or death of a family member. There are about 59 million people in the U.S. that receive Social Security. Most of them are the required 65 years of age or older. Sadly about half of the 59 million people rely solely on Social Security to pay their bills and everyday necessities.

The Social Security Act was created as a way to help keep families together. It helped disabled individuals against the expense of their illness. As well as it gave children and families a chance to live a healthy and secure life. The first two programs were the most essential at this time. The first program Title I, was a grant for old-age assistance. The second program that developed was Title II, which was a federal assistance for old-age, survivors and individuals with disabilities that included insurance benefits. The act includes a large list of programs that one might qualify for such as, retirement insurance, disability insurance, medical insurance for elderly, veterans benefits, unemployment insurance and much more. According

Currently, the United States is contemplating at a forthcoming Social Security crisis. If changes are not forged, the Social Security system will not be able to keep up with the demanded payouts and is estimated to empty the trust fund around the year 2037. In this paper I will review a brief history of the Social Security program, touch upon the eligibility requirements, discuss what economists believe about the future of the Social Security Program, and finally state the Pros and Cons to the proposed raising of the age requirement for minimum payout.

Established by the federal government in 1935, the social security system is currently one of the most costly items in the federal budget. The purpose of the system is to provide for Federal old-age benefits, and to enable social insurance and public assistance. The proposal of moving to an entirely new system would give the people living in the United States their own individual authority of controlling their own investments. If social security does not become privatized; the system itself will turn unsustainable, the retired and disabled will not fully receive their earnings; and the people of the United States will continue to have no control over their investments.

The social security system, established by the federal government in 1935; is currently one of the most costly items in the federal budget. The purpose of the system is to provide for Federal old-age benefits, and to enable social insurance and public assistance. The proposal of moving to an entirely new system would give the people living in the United States their own individual authority of controlling their own investments. If social security does not become privatized; the system itself will turn unsustainable, the retired and disabled will not fully receive their earnings; and the people of the United States will continue to have no control over their investments.

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 working generation. Roosevelt put this straightforward idea into the system to make it work, and it surprisingly has worked out well so far. When the bill became a law in 1935, there were many people who were affected by the Great Depression and sought financial aid. Unlike the bank money that goes in loans and still depositor have access to the money; Social Security System passes out collected money immediately into benefits (“Social Security System”). This way, the working generation will always provide enough money to the fund. Rather than providing money from government fund, idea of benefiting citizens from their own money didn’t receive

In the midst of the worst financial crisis in modern history, President Franklin Delano Roosevelt signed the Social Security Act in August of 1935 to combat high unemployment and poverty, especially among the elderly. In the process, he laid the foundation for a modern safety net. The act has been amended over the years and consists of several welfare and social insurance programs including the State Children’s Health Insurance Program (SCHIP), Temporary Assistance for Needy Families (TANF), Supplemental Security Income (SSI), among other medical assistance programs.

Social security is a federal insurance program that provides benefits to retired people and those who are unemployed or disabled. Social security is, in other words, earned benefit with dedicated funding from payroll contributions paid by workers and their employers, known as the FICA tax. Generally, to be covered a worker must have worked for long enough; recently enough, and earned enough to have sufficient FICA credits, typically about 10 years. Benefits are based on the worker’s earnings history and are generally modest, averaging a little over $1,100 per month for all beneficiaries. There are three types of social security: retirement, disability, and survivor insurance. Social Security does not cover some state and municipal employees and those who are self employed. It also does not cover some foreign workers admitted temporarily to the United States. Most workers who are not covered by social security contribute to other retirement and disability funds. In recent years, there has been a study that shows America will soon not be able to pay for social security and essentially will have to give it up; however, there are also many ways to prevent from the supply of social security from running out, but some people may have problems with them. Raising income tax, taking away benefits, and having to risk paying for retirement even though they may not receive as much as they invested.

Social security, the federal retirement system, is one of the most popular government programs in United State?s history. Today, Social Security benefits are the backbone of the nation's retirement income system. The long road to the successful development of social security began in 1935. Before 1935, very few workers received job pensions. Those workers that were covered never received benefits because they were not guaranteed.

President Franklin D. Roosevelt, a Democratic President, invented Social Security as part of "The New Deal" in the year 1935. Its invention was to combat the "The Great Depression". It was invented along with welfare to help America's elderly, disabled, and unemployed.

Since the establishment of social security legislation in 1935, America’s social welfare and security system has been gradually expanded and been turned into a secure framework of social welfare security. Comprehensively speaking, America’s social welfare and security system covers such programs as: Employment Security, Unemployment Welfare And Security, Old-Age Security, Health Security, Education Security, Housing Security, Veterans Security, Public Assistance Security, Natural Environment Security, And Women And Children Security.

The Social Security System is in need of a new reform; our current system was not designed for the age stratification we have at this time. The U.S. Social Security Administration Office of Policy states, “The original Social Security Act, signed into law on August 14, 1935, grew out of the work of the Committee on Economic Security, a cabinet-level group appointed by President Franklin D. Roosevelt just one year earlier. The Act created several programs that, even today, form the basis for the government 's role in providing income security, specifically, the old-age insurance, unemployment insurance, and Aid to Families with Dependent Children (AFDC) programs.” Social Security was modeled to aid the elderly citizens, however during the past elderly people were not destined to live an elongated life. The older population has grown drastically and is relying on the help of the government’s financial help in order to survive economically. The failure to fund the Social Security system accurately has resulted in a situation where there will not be enough funds distributed in the future; Government officials must create a new Social Security policy reform.

Social Security has been in the spotlight in recent years for the projected demise of the social program. The program was introduced by Franklin D. Roosevelt in part of the New Deal. Social Security benefits can be collected at the age of sixty-five. When Social Security was first introduced in 1935 the program was profitable since the “average male lived till sixty-two” (Marron 79). The program is now running out of money since the average lifespan has increased. The amount of workers paying into the program cannot support the incoming retirees from the baby boom era. The socialist program has caused many elders to not save for retirement as they trust in the government to take care of them. The program has few beneficiaries and many victims. Social Security should be reformed to give citizens control of their own retirements.

At times of economic busts, especially, reforms help to provide that safety net that Americans need to get through the onerous times. One of the reforms created through the New Deal that still exists today is Social Security. Social Security was established through the Social Security Act of 1935 by Franklin D. Roosevelt. “The bill became law on August 15, 1935 and established an unemployment insurance system, a national pension fund, benefits for victims of industrial accidents, and a public assistance program for dependent mothers and disabled people (Social Security Act of 1935).” This