An overview of the American Social Security program and the challenges it faces.
Written in 2002; 1,333 words; 5 sources; MLA; $ 44.95
Paper Summary:
Since its inception, the Social Security system has provided benefits to augment the income of people upon their retirement. However, current projections point to a crisis in Social Security. Experts believe that by 2038, the Social Security trust fund will have been depleted. This paper presents an overview of the current social security crisis and evaluates the plans to address this problem. The first part of the paper provides a history of the Social Security system, from its inception in 1935 to its current status under the federal government. The next part then studies how the Social Security system is funded. In the final part, the paper studies the problems facing many retirees who stand to be adversely affected by the Social Security deficit. It looks at the pitfalls of privatization and other methods now being used to address the problem, such as proposed tax credits, simplifying the tax process and key changes in retirement policy.
From the Paper:
"A privatized pension allows employers to manage the plan's assets, while promising to credit the worker's pensions with a corresponding interest rate. However, employers have often changed this rate, reducing the value of their employees' pensions. For example, when companies like IBM, AT&T and Citibank switched from traditional pensions to cash balance plan, the pensions paid to longtime employees were significantly reduced. Because of the potential for abuse, conversions to cash-balance plans were banned in 1999. The Bush plan for privatization, however, would allow employers to return to such practices, under the guise of augmenting the Social Security trust fund (Leone)."
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