The Social Security Act was first released on August 14, 1935. Since then, there have been a number of adaptions made to the Act to ensure that every provided with every necessity. E.g., originally this act just provided necessities for employees who worked in the nonagricultural and commerce sectors. Now, however, almost all kinds of works are covered by this program.The Old-Age, Survivors, and Disability Insurance (OASDI) is considered to be every American’s social right regardless of their financial need. In 1995, social security comprised of around one-fifth of the federal government expenses. The funding is done through payroll tax which is divided equally between the boss and the worker. These benefits are also adjusted as the living costs rise. To gain the benefits of social insurance, the individual must have made a contribution through payroll taxes when employed. Persons who contribute in this manner for at least ten years may be ensured that they will always be provided for by the government. The number and kind of benefits an individual receives depends on the amount of money that he earned and at what age he retired.The government provides aid for the disabled as well. These are adults aged between the years of 18 and 64 who are not fit enough to have a well earning job. Disability is defined as “inability to engage in any substantial gainful activity by reason of any medically determinable physical or mental impairment which can be expected to result in death.
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The goal of this research paper is to critically examine the Social Security Act as a social welfare policy example. The writer of this paper suggests that the social security program is quite effective in fighting poverty and has been highly lauded by the masses…
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.
There has also been an influx in older Americans have to acquire “retirement jobs” in order to maintain their income. Many low-income households utilize social security as their only income source. Women and minorities depend on Social Security due to lack of education and employment therefore leading to accepting minimum wage positions in which they are unable to save or invest to supplement social security benefits.
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
4 pages (1000 words)Research Paper
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