The longer we wait to take action, the more difficult and expensive the changes will be.
Social Security Reform Free Essay, Term Paper and Book Report
The programs administered by the Social Security Administration have social security reform term paper contributed to the economic well-being of the United States in the past, but many observers are questioning whether there will be anything left in the system after the baby boomers get through with it in the coming years. Reformers caution that the longer policymakers wait to fix the problems facing Social Security today, the more expensive it will be for future generations. Others suggest that the social security reform term paper system should be done away with entirely, or modified North carolina chapel hill supplemental essay allow for private investment accounts of some type.
Everyone seems to agree that something should be done, and the sooner the better, but no consensus has emerged to date.
Social Security Reform Term Paper
To this end, this paper provides the background and an pay to have essay written of the Social Security Administration and its programs, followed by an examination of the importance of these programs to the nation’s social security reform term paper well-being.
A review of some of the current reform initiatives and an analysis of the viability of Social Security to social security reform term paper its obligations in the coming years is followed by a summary of the research in the conclusion.
Review and Discussion Background and Overview. On August 14,President Franklin D.
Roosevelt signed the Social Security Act and payroll taxes were first collected in January ; the president also signed legislation in that provided benefits for survivors and dependents What is Social Security?
Even more importantly, though, these reports estimate that unless corrective action is taken now, the Social Security program social security reform term paper be insolvent by the yeara range entirely within the retirement years of the baby boom generation.
More disturbing for these soon-to-be-retirees, the date at which the Social Security trust fund stops being a net contributor and becomes a net claimant on the federal budget has advanced to the year in these projections Diamond et al. These reports are especially troubling for many older people today who firmly believed that the Social Security amendments had social security reform term paper “fixed” the Social Security program, at least through the imminent onset of the baby boomers’ retirement in the year few years.
Finally, and perhaps most troubling of all for the younger generations of Americans, reports in the news media have assumed new dimensions of skepticism concerning whether Social Security will be able to pay out anything at all when they reach retirement age Diamond et al.
According to the SSA’s “The Future of Social Security” January”Social Security provides older Americans with a dependable monthly income with automatic increases tied to increases in the cost of living. It provides a base of economic security in today’s society through a valuable package of retirement, disability and survivors dissertation voltaire micromegas 2.
In a recent press release from the White House January 5,the point is made that “Social Security provides a social security reform term paper foundation of income for retired and disabled workers. Hispanics, African-Americans, and unmarried elderly women are even more reliant on Social Security” Social Security 3.
Today, more than million workers are social security reform term paper by the various programs administered by the Social Security Administration, and social security reform term paper than 47 million people are recipients of retirement, survivors and disability benefits from Social Security. In fact, Social Security has been credited with decreasing poverty rates for the elderly sincea point in time from which median real income has increased median income relative to that of the working-age population has remained relatively stable since that time Hungerford a thesis statement can be a question. (points 1) al.
The program was designed, though, at a time when most people were not expected to live long enough to collect any benefits Bolter According to Hungerford, Iams, Koenig and Rassette”Of the five sources of income for the elderly, Social Security remains the most prevalent and social security reform term paper.
While both the rate of receipt and the share of social security reform term paper income from Social Security benefits stayed relatively steady over the past 25 years, the average real Social Security benefit increased because of rising wages” The second most important source of income for the elderly in America is income from assets; during the same year period, this source of income tended to fluctuate.
Hungerford and strona2grupy.000webhostapp.com accounts that were individually managed; account-holders would enjoy complete freedom in choosing their portfolios and would not be social security reform term paper with any state-guaranteed social insurance or guaranteed retirement income.
The advocates of these proposals cite the increasingly gloomy deficit projections for Social Security funds in the future, combined with the relatively low projected rates of return on contributions to current and future essay on going to a new school participants as the primary reasons for adopting these alternatives.
Other arguments for this type of reform have included an expected increase in the rates of saving and investment resulting from privatization, and in some cases, approval of the resulting decline in the relative size and power of the national government Niggle In a special to the Washington Times, Peter Ferrara points out that for a number of years now, official government reports from the Board of Trustees have made a powerful case for pursuing social security reform term paper Social Security reform.
Despite the consistently and increasingly grim nature of these reports, Ferrara emphasizes that the reality of the situation is even worse: Substantially increasing the number of retirement years will greatly increase the program’s benefit obligations and long-term deficit” A According to SSA’s “Frequently Asked Questions about Social Security’s Future””Many reform plans, including those put forth by the President’s Commission to Strengthen Social Security, preserve scheduled benefits, including cost- of-living increases, for near-retirees” depending on the proposal, 201680017.000webhostapp.com “near-retiree” is defined as ages 50 to 55 years and older 2.
The most social security reform term paper White House press release on the president’s position on Social Security January 11, reports that the president does not want to increase payroll taxes, and is in favor of voluntary personal accounts as part of a comprehensive solution to….