Social Security is considered to be of utmost importance in regards to saving the elderly population from the condition of being converted into destitute. A statistic reveals that social security acts as the income provider to one-fifth of the retirement population. In regards…
It is observed that the policies like Medicare and Medicaid fail to deliver sustained assistance in regards to the inflationary drives in healthcare. The government of the state looks after these medical financing policies for the elderly and the poor people. In a similar manner, the pension for the elderly people is in utter doldrums. The nature of the pension crisis is observed to be much more complex in regards to the Medical benefits. Companies go on retrenching old people giving them to retire and save labor cost. The pension schemes of the corporate sector have become very misleading making the retirees and old people suffer for the same. (Eyal & Sherman, 3) The paper researches on the nature and magnitude of the stated problems and endeavors to find a probable solution to such.
The conglomerate terminology given to a host of programs targeting incidents like retirement, disability, dependency and survival needs in a person’s life is regarded as Social Security programs. The scope of the social security programs center on providing the households of working families needed financial assistance at times when they become unable to earn further owing to the above reasons. In the initial stage, the social security programs were designed to cater to the needs of the elderly population of America. In regards to the depletion in the job availability of the elderly population and the division of the family owing to the job, transfers the social security schemes targeted providing financial assistance to the elderly population. However, the current scenario, which is a combination of inflationary living standards and stagnation of benefits coupled with rise in penalty to the elder working force ears up the benefits accruing from such programs. The wealth and income gap in America plays havoc with one percent of the rich population controlling 40 percent of America’s wealth ...
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This wrong notion still persists even today because people are inclined to assume that the government will give them the things they will need in the retirement phase of their lives. This is perhaps understandable as they had been contributing to the social security fund all their working lives and expect in return that the government will somehow ease their sunset years.
There are some people having firm faith upon the social security however as the financial and economic situation of the country is changing in respond to different national and international financial crisis, the perception of people about the national security funds is also changing.
Technology has also granted other benefits such as access to a greater amount of resources, extending the life of people and curing diseases, etc. Thus, the world’s mortality rate has been dropping and the birth rate of people in the world has been increasing, as more people are able to afford families.
According to Feldstein (2005), the Social Security program of the United States is considered to be the largest program initiated by the government in the world, and it is the largest expenditure in the federal budget. This large-scale government program offers benefits to retirees, to the survivors and the disabled to ensure that they do not have to struggle to make ends meet.
A high unemployment rate is a signal that a country is not healthy, and hence is not operating at its potential.
An economy is said to be fully employed when the number of job seekers equals the number of job vacancies. In other words, members of the labor force who really want a job have one.
There are some people having firm faith upon the social security however as the financial and economic situation of the country is changing in respond to different national and international financial crisis, the perception of people
The essay discusses the Social Security program, that is most notable in the US. It is stated that approximately two-thirds of the American population aged 62 and above depend heavily on Social Security payments for their incomes, with one among five of them depending solely on the payment as a source of livelihood.
Payroll taxes that comprise Federal Insurance Contributions Tax Act (FICA) and Self Employed Contributions Act (SECA) fund the US Social Security Program (Graebner, 2009). The taxes that contribute towards the social security program are collected
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