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A Look Into Social Security By, Pang Yang

1901 words - 8 pages

TAKING A LOOK AT THE SOCIAL SECURITY PROGRAM IN THE UNITED STATESThe United States have two important economic goals. The two that are widely held are economic security and an equitable distribution of income. The U.S. uses to major tools to try to achieve these goals are the progressive tax system and the income and the income maintenance programs. Income maintenance programs include social insurance programs and public assistance programs. The major social insurance programs are social security, Medicare and unemployment insurance.The social security program started when Franklin D. Roosevelt signed the Social Security Act on August 14, 1935. Taxes were collected for the first time in ...view middle of the document...

Generally, earnings of $780 or more per month are considered substantial. The disability program includes incentives to smooth the transition back into the workforce, including continuation of benefits and health care coverage while a person attempts to work.Family benefits can also be received. It includes; the person's spouse if he or she is at least 62 years old or under 62 but caring for a child under age 16; the person's children if they are unmarried and under age 18, under 19 but still in school or 18 or older but disabled.When a person dies, certain members of his/her family may be eligible for Survivor benefits if that person had earned enough Social Security credits while working. The family members include: a widow(er) age 60 or older, 50 or older if disabled or any age if caring for a child under 16; your children if they are unmarried and under age 18, under 19 but still in school or 18 or older but disabled; and that person's parents if they were the person's primary means of support.There are two parts to Medicare; hospital insurance (sometimes called part A) and medical insurance (sometimes called part B). Generally, people who are over age 65 and getting Social Security automatically qualify for Medicare. So do people who have been getting disability benefits for two years. Others must fill an application. Part A is paid for by a portion of the Social Security tax of people still working. It helps pay for impatient hospital care, skilled nursing care and other services. Part B is paid for by monthly premiums of those who are enrolled and from general revenues. It helps pay for such items as doctors' fees, outpatient hospital visits and other medical services and supplies.The full retirement age was 65 because by the time America moved to social insurance in 1935 the German system was using age 65 as its retirement age. But this was not the major influence on the Committee on Economic Security (CES) when it proposed age 65 as the retirement age under Social Security. This decision was not based on any philosophical principle or European precedent. It stemmed from two sources. One was a general observation about prevailing retirement ages in the few private pension systems in existence at the time and, more importantly, the 30 state old-age pension systems then in operation. Roughly half of the state pension systems used age 65 as the retirement age and half used age 70. The new federal Railroad Retirement System passed by Congress earlier in 1934, also used age 65 as its retirement age. Taking all this into account, the CES planners made a rough judgment that age 65 was probably more reasonable than age 70.Social Security needs a reform, because it's going bankrupt. According to the 2000 report of the Social Security system's Board of Trustees, in 2015 just 15 years from now, the Social Security system will begin to fun a deficit. That is, it will begin to spend more on benefits than it brings through taxes. Anyone who has ever...

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