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