Social Security 3
Social security, created in 1935, is the most costly item in the federal budget. The program provides old age, survivors' and disability insurance to a healthy portion of Americans. Workers and their employers fund the system by each paying payroll taxes. The Internal Revenue Service collects the taxes and deposits the money in government-administrated accounts known as the Old Age and Survivors and Disability Insurance Trust Funds(OASDI). The payroll tax revenues are used to pay benefits to those people currently collecting Social Security pensions. Social Security taxes also pay for Medicare, the national health program for the elderly.The huge problem with the current situation facing Social Security is the increasing deduction of workers in the work force paying for workers retired. "Due to the large number of aging baby boomers, American 65 and older are the fastest-growing segment of the population. The population growth of Americans age 65 and older is 112% in the years between 1995 and 2040. The population growth in age 20-64 is 24%. The population growth in ages under 20, is 5%. What these numbers essentially represent is a cause problem with age differences in the future. Soon, less workers wi
In 1983, the National Commission on Social Security Reform, headed by current Federal Reserve Board Chairman Alan Greenspan, raised the retirement age as part of a package of reforms designed to save the system. The retirement age will increase in stages from 65 to 67 by 2022, while the early retirement age remains at 62. However, workers who opt out early only get 70 percent of the full Social Security benefit. The question first arises, "Can the existing system survive without major reforms?" The early designers of Social Security and many Democrats are baffled at the recent proposals to change Social Security. Most believe that Social Security is still able to provide a safety net for retirees and their survivors if minor adjustments are made. "Occasionally raising payroll taxes or recalculating the way benefits are paid out." Some Democrats look at major reform as a way of pitting war between generations. They stand on common beliefs that Social Security has worked for over 60 years by providing a steady stream of monthly payments that beneficiaries can rely on. Also, it has helped lift millions of seniors out of poverty. Democrats also criticize the Grand Old Party for "playing" with the facts to distort them into the Republican favor. in their book, plus some previously unseen, as they attempt to pass the Many of the plans to overhaul Social Security propose allowing workers to remain on the job longer in order to strengthen Social Security's financial solvency. The idea of delaying the time when workers collect ben
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Approximate Word count = 1041
Approximate Pages = 4 (250 words per page double spaced)
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