Social Security Today

Paper Summary:

This paper briefly describes the origins of the Social Security program in the United States and then describes, in greater detail, the challenges the program confronts today. The paper discusses the biggest concern facing the Social Security system: as the population ages, there will not be enough benefits to support all the elderly and still maintain sufficient funds to support the current generation when it retires. It then looks at some of the solutions that have been suggested for solving the problem. The paper also explains the importance of the issue to society and concludes with the author's suggestions about what should be done to save Social Security.

From the Paper:

"The Social Security system was established, in 1935, by President Roosevelt in order to provide some form of economic security to the elderly. The First World War and the following world wide economic depression had left many elderly people without a support system. This insecurity, along with the general economic turmoil of the era, led to many radical movements calling for state-sponsored pensions and aid for the helpless. One of the most popular programs, which almost replaced the Social Security program, called for a national sales tax to provide pensions. (DeWitt) However, the program finally put in place functioned instead by creating a flat tax on worker income, which created "credits" that would later give that worker benefits comparable to his income. Social security did not actually address the needs of those who were already elderly at the time and who had not paid into the system, but it did assure that future generations of the old and infirm would have financial aid."

More papers on Social Security Today:

• Research Paper # 54725 : "Privatizing Social Security"
• Research Paper # 60221 : "The U.S. Social Security Reform"
• Research Paper # 9706 : "Social Security: The Need for Change"

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