A discussion regarding social security, the single largest financial system in the United States.
Written in 2006; 2,105 words; 5 sources; APA; $ 66.95
Paper Summary:
This paper takes an in-depth look at the US social security system. According to the paper, the Social Security Act of 1935, is one of the most important pieces of federal legislation ever passed by Congress. The paper discusses how social security in the United States is a very important entity, for without it, millions of American workers, upon retiring or becoming physically disabled, would be left financially ruined which in effect would create a huge economic problem for America, one whose impact could conceivably affect future generations of American workers.
From the Paper:
"In addition, the tax revenues for Social Security are usually invested in specially-issued Treasury bonds which pay out interest and if the federal budget was in the black rather than in the red, "these bonds would in fact constitute a reserve that could be drawn against in the future." However, since the federal budget is in the red by many billions of dollars, the Treasury "will not have any cash on hand to pay off the bonds that Social Security is holding." Thus, in order to redeem these bonds, "the Treasury will have to ask Congress to raise taxes" (Hardy, 18). The overall result of this fiasco is twofold--"if we redeem the bonds, people still working will have to pay higher incomes taxes," conversely, "if we don't redeem the bonds, people will be forced to pay higher Social Security taxes and recipients will have to accept lower benefits" (Hardy, 18). "
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