Past and Present Issues on Social Security

Paper Summary:

This paper discusses a number of past and present plans and proposals that relate to social security in the United States. It discusses the the federal government's way of collecting social security revenue and how it has spent this revenue in the past. The paper concludes that social security will most probably not outlast the next two generations of Americans unless someone creates a feasible and well-designed plan of action to save the system.

From the Paper:

"Out of all of these plans and proposals, the idea of investing Social Security revenues collected from taxes in programs and entities that pay back a return on the investment is the best solution--for the short term. If the federal government were to take the revenue gathered from Social Security taxes and spend it on carefully-chosen programs, bonds, stocks and other high-yielding investments, the money earned on these investments could be mandated by a special act of Congress or by a Presidential order to remain solvent and "untouchable" for at least twenty years. In the long-term, it is clear that Social Security will most probably not outlast the next two generations of Americans unless someone or something comes along with a feasible and well-
designed plan of action to save a system which President Roosevelt viewed as essential to the welfare and continuing growth of the United States."

Sample of Sources Used:

• Baker, Dean. Social Security: The Phony Crisis. University of Chicago Press, 1999.
• Diamond, Peter A. Saving Social Security: A Balanced Approach. Washington, DC: Brookings Institution Press, 2004.
• Ferrara, Peter J. Social Security: The Inherent Contradiction. San Francisco: Cato Institute, 1980.
• ---. Social Security: Averting the Crisis. San Francisco: Cato Institute, 1983.
• Hardy, Dorcas R. and C. Colburn Hardy. Social Insecurity: The Crisis in America's Social Security System. New York: Villard Books, 1991.

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