This website uses cookies to ensure you have the best experience. Learn more

Final Essay

1158 words - 5 pages

Social Security
July 3, 2011
Linda Dell’Osso

Social Security
On August 14, 1935, President Franklin D. Roosevelt signed the Social Security Act into law. Creating this new law allows workers, at the age of 65 and older, to receive an income that would continue after retirement. The benefits that each worker receives are based on contributions taken from each paycheck. The payroll contribution taxes finances the payments that retirees received monthly. “The program's finances are based on the relationship between the number of workers paying taxes and the number of retirees receiving benefits,” (SSA, 2011, p. 1). With the high rise in unemployment and the number of Baby ...view middle of the document...

Without meeting the changes, the burden of providing benefits for the new retirees will fall on the next generation.
Because the life expectancy of an individual is longer, the social security system is facing a crisis. In 1935, the average life expectancy of an individual was 12 ½ years more but today that number has been increased to 17 ½ more years.
Social Security has become an important part of life for most senior Americans. Compared to the number of recipients in 1940, which was more than 222,000, there are more than 50 million people living on social security benefits today.
The social security trust fund will run out of money by the time young workers, born after 1970, reach retirement age. If changes are not made to the social security system before the young workers reach retirement, their benefits will be about 75% of the promised benefits. To eliminate this problem, plans are in progress to reduce the dependency on the social security system for survival. Options to invest for retirement with payroll tax contributions will reduce the dependency on the social security system by younger workers.
According to the Social Security Administration, the Baby Boomer generation, people who were born between 1946 and 1964, began to retire in 2008. From 2008 until 2025, more Baby Boomer will reach retirement age. With the increase in the retirement age and the number of retirees along with the decrease in the number of people working, the payroll tax contribution will shrink.
One of the main issues of the Presidential Campaign in 2000 was Social Security Reform that would affect younger workers born in 1950 and later, allowing them the opportunity to invest in an account for their retirement.
President George W. Bush, who was elected as the 43rd president of the United States in 2000 and re-elected in 2004, appointed the “President’s Commission to Strengthen Social Security,” on May 2, 2001, (SSA, 2011, p. 1). The guidelines issued by the president for the Commission were to “preserve the benefits of all current retirees and those nearing retirement, return Social Security to sound financial footing and offer personal savings accounts to younger workers who want them,” (SSA, 2011, p. 1). Critics of President George W Bush’s social security reform stated that the meaning behind this reform is to “privatize and ultimately gut Social Security,” (Koulouris & Medeiros, 2010, p. 1). Some believe that privatization is meant only for certain Americans, mainly the rich, while other middle-class Americans will face poverty by investing in the stock market.
Social Security contributions are not set up in individuals accounts and...

Other Essays Like Final Essay

Final Critical Essay Virginia Woolf Mrs. Dalloway

1380 words - 6 pages Final Critical Essay | Mrs. Dalloway: Perceptions of One’s Life | Brittney Davey | In Virginia Woolf’s novel Mrs. Dalloway, Woolf involves two main characters whose personalities and life styles are on complete opposite’s sides of the spectrum, which do not know one another but are linked through the concept of different ways each person views the world they live in. Clarissa Dalloway is a high-class, wealthy woman who cares about what

Final Essay

1405 words - 6 pages Throughout the experiences obtained by inmates, correctional officers, and the prions administration as result of the prison itself, is overall negative. This due to the stressful, unpredictable, and volatile nature of the inmates incarcerated. Despite all of the negatives associated with prison, this miniature society does also benefit the parties involved. The system helps reform inmates, keeps the officers occupied with duties, and ensures

Final Essay

755 words - 4 pages William Wordsworth, Gerard Manley Hopkins, and William Butler Yeats are all iconic poets that led the way for writing and art in their own time periods.With the changes from era to era, great differences arise in the work of the authors, but they have key similarities that are always there. However separated by nearly a century,William Wordsworth and William Butler Yeats share some similarities in their poems “Line Written in Early Spring

Final Essay

2496 words - 10 pages Question #1 For this question I had to create a list of similarities between the forgers and the industrial societies and what would make them good candidates for the economical and survival benefit of the nuclear family structure. But before I get into that let me begin by explaining what the nuclear family is, in the class lecture it talks about how it’s an evolutionary adaptation to ensure protection of one’s immediate family, it also allows

Final Essay - 1478 words

1478 words - 6 pages Since taking this course and others, I have discovered that I hold some conservative and liberal values, but at times the most practical solution from my perspective falls somewhere in between. I do not identify as a liberal, a conservative, or as a centrist; I simply choose positions I believe are in alignment with my religious beliefs, lead to a fairer society/market, and help ensure a healthier economy. Strictly identifying as a conservative

Final Essay - 952 words

952 words - 4 pages After careful consideration, I elected to write my final paper on the works of author, Walt Whitman. The reason I selected this author is because I have travelled to the Atlantic coast and driven over the Walt Whitman Bridge numerous times, never knowing who he was, or what he did. When I saw his name in the textbook, I was intrigued. I decided I wanted to educate myself and analyze his work. The first poem I studied by him was “Beat! Beat

Game Essay Final

4527 words - 19 pages phases of the project life cycle: initiation, planning, execution and closure."4 What we liked – Project Initiation Jason says: "The first phase of a project is the initiation phase. During this phase a business problem or opportunity is identified and a business case providing various solution options is defined. Next, a feasibility study is conducted to investigate whether each option addresses the business problem and a final recommended solution

Com/172 Final Essay

1064 words - 5 pages Even though credit cards can be a source of paying for college-related expenses; credit card companies should not be on college campuses because most students will misuse the credit card, go into credit card debt and not realize the full financial hole they are in and struggle for years to pay off the debt. The first reason why credit card companies should not be on colleges marketing to college students is that it is very easy for a college

English Final Essay

893 words - 4 pages The Backbone of Parenting Mothers are the backbone of most parenting relationships. Mothers step up to the challenge when the bond of motherhood is formed in her womb. Although some women raise the child alone, none of them made the child by themselves. A mother becomes the better parent out of necessity in some situations. Women, who do not have to do the job alone, will most likely become the better and more favored parent. Stay at home

Final Essay Week 5

1050 words - 5 pages My Wedding Day Sarah Snyder ENG 121 Instructor Youngs February 18, 2016 My Wedding Day What time is the right time? It seems as if there are many opinions on when a couple should get married, whether it be after a certain amount of years or just having that “gut” feeling. Should you follow that “gut” feeling even when everyone is against you? That is a question I thought about even until the day I had my wedding. After just 16 months of being

Advance Composition the Impact of Processed Food for Our Health Final Project Essay

1298 words - 6 pages The Impact of Processed Food for Our Health When we eat we usually think about the taste of the food, the price and the convenience of the product being adapted to our lifestyle. People love fast food because it is cheap, tasty and fast. That could be good in a society where the product could offer a great variety of advantages. But that is not our case. So we have a question important to answer in this assignment: how can we eat healthy food in

Related Papers

Final Essay

2117 words - 9 pages Part 1: Essay Questions Essay 1 Final Exam: Essay #1 Andrea Swink PSY325 Dorothy Sellers July 21, 2014 The research question for this experiment was which vaccine is more effective for preventing getting the flu? The null hypothesis was shot spray is equal effective than nasal spray the alternative hypothesis was shot id more effective than nasal spray. After looking through the experiment, the

History Final Essay

1588 words - 7 pages April 10, 2014 American History Final Essay Throughout American history, democracy has been an ever changing system of government; however it is far from perfect. It is constantly shaped by wealth and people of higher power. This played a significant role throughout the early 1800s in limiting the power of African Americans and people of lower socioeconomic statuses. These issues began to rise between the Jeffersonian and Jacksonian

Final Essay Assignment

2262 words - 10 pages Final Essay Assignment James Peterson What biases, if any, might be common to U.S. intelligence agencies? Give two examples from history or modern day? & Explain what role policymakers play and what problems they face in relation to threat analysis. Course: INTL634 March 3, 2013 What biases, if any, might be common to U.S. intelligence agencies? Give two examples from history or modern day? There are a number of different

Arch. Possible Final Essay Questions

1367 words - 6 pages Arch. Possible Final Essay Questions Compare and contrast the archaeological remains of Israel and Judah during the Divided Monarchy. Israel 1) List at Karnak-Sheshonq writes names of all the cities he conquered on wall of temple-emulates T3. -Samaria-capital of Israel during 8th and 9th centuries. Has buildings that look like Megiddo’s Proto-Aeolic capital- denote Divided Monarchy. Columns that look Greek. -Ivories-inlaid