The Social Security Act was originally created in 1935, but has been revised numerous times, even though most of the original aspects of the original Act still remains. Social Security is a government-based program that provides funds for retired people. This Act first came to…
This program especially benefits those workers that have paid into the system during their entire working life.
The Social Security Act helps to provide financial assistance for retirees, the unemployed, and people who have disabilities that prevent them from working and making their own living. Other categories of people that can benefit from Social Security include families with dependent children, maternal and child welfare, and the blind.
The money for the Social Security fund comes directly from a percentage of a worker’s paycheck. Unfortunately, while those that currently receive Social Security appreciate the system, there are workers that are on edge about what will happen to them when they retire. There may be money in the system now - their money - but they fear that by time they retire there will be no money left for them. They are involuntarily contributing to a system they might not be able to benefit from when they retire. Another controversy in regard to the Social Security system was that there would be a loss of jobs, but this was given a convincing counterargument: older workers would be inspired to retire knowing that the Social Security system would take care of them financially, therefore making room for younger people to obtain jobs.
Before the Social Security Act became what it is now, it was a system that lacked the proper security that people needed after retirement. The first version of the Act did not include women and minorities for unemployment insurance and old age pensions. The only jobs that were eligible for Social Security benefits were considered “white male” occupations. Teachers, nurses, hospital employees, government employees, and agricultural labor were among those occupations that were not qualified for Social Security (Dobelstein). At the time, women were only able to get their insurance through their husbands or children. However, ...
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Privatization Does Not Solve the Financial Problem of Social Security Proposed Change to Address the Financial Crisis of Social Security Conclusion Introduction Social Security covers several social welfare as well as insurance programs in United States. However, at present, the Social Security Act faces a long – term challenge for it is heading towards bankruptcy.
Workers make monthly contributions to this system and receive their benefits at due time. Individual saving accounts are not maintained by this system but a group of individuals who are supposed to retire at a particular a time are put together. However, there is been a debate on whether this social fund should be privatized or not.
c. What were the arguments in FAVOR of the program and AGAINST the program? d. What are significant dates in the establishment of the program and of major changes in the program? e. What were the CONDITIONS of the people targeted by this program BEFORE the program was established and AFTER the program was established?
Several programs were created under the shelter of this act; the purpose of these programs was to provide financial assistance to the needy people of US. Several programs functional in the US such as the social security and assistance for disable people are all based on the program of old age developed under the umbrella of Social Security Act.
The government and the family members were the caretakers of the people who were not unable to work. Roosevelt felt the requirement of a national system. Therefore, the CES submitted their findings to Roosevelt in January 1935in which the plan of the economic security’s national program was outlined that was later recognized as the Social Security Act (SSA).
Many banks were declared bankrupt as they had invested the savings of their clients in the stock market (Rosenberg, n.d.). With the economic downturn going on, many Americans became unemployed and a large percent of the population belonged to the poverty line.
ial insurance to address the needs of the old – aged citizens of America through a creation of assistance and system of benefits to be given among the old – aged workers as well as their families (Kollman and Solomon – Fears, 2001). Benefits were given to the retirees and
That is why it would not be a mistake to suggest that Social Security should be considered to be one of the characteristic features of a fully developed state. This paper will explore the history and the current structure of the Social Security Administration,
Social programs are essentially welfare systems which are built in order to help out the living population of a particular country. The idea for the existence of such programs in the United States of America was first brought in during President Roosevelt’s time and has since then developed over the years (Worth, 2010, p. 7).
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