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Peters thinks that several types of new social policy intervention should be put into effect. These include direct social assistance, and a wide range of services which will involve the coordination of a number of programs and organizations- education and labor market organizations. If this is not done, with the decrease in purchasing power, soon both adults in a poor family will have to work, now bringing child care into the equation if is was not already.
I thought that this type of reform was very interesting. It sparked my senses and made me really think about all the recent Social Security talk. What happens when the poor get old or injured and have to rely on the government because they now cannot work at all? Will there be funds available to them to ensure security?
What is Social Security? What is wrong with it? What can be done to remedy the problem? These are some of the questions that will be answered when looking at what Clinton and Greenspan plan to do about the ongoing problem of an exhaustion of the Social Security trust fund. The way to fix the problem is to invest in the stock market, says Clinton. Conversely, Greenspan would like to see an investment in bonds. The reality is that these questions and proposals need to be sorted out soon if there is to be any Social Security funds remaining after the 'baby boomers' retire.
Social Security was a bill passed in 1935 by President Roosevelt with welfare as its primary purpose. The general population did not have much belief in the government at the time, but things were going to change dramatically. The first sight of an actual "Social Security Check" did not come until about 1940 and they were not something to write home about. Some of these checks were as low as twelve dollars. Regardless, this was a sign of hope and prosperity to come in the future as most the elderly population was living in poverty. Then World War II came and went and the nation began believing the their government. By 1980, a male receiving Social Security was getting 3.7 times as much as they put in, along with a 2 percent interest rate. Females were doing even better as they were given 4.4 times as much as they put into Social Security.
Social Security is a social insurance program, not just simply for the retired and elderly, but for the disabled and their wife, and children, and for the widows of working people who died young. These exceptions make up more than one out of three persons who collect Social Security checks. Therefore, Social Security is also a life insurance policy, along with being a reassurance of stability at an old age. Social Security is a pay-as-you-go system meaning that while working you are paying for the people collecting benefits, and when you begin to collect, the money will come from your children and grandchildren.
An estimated 145 million workers and their employers, pay taxes on wages. They both pay a 6.2 percent tax on salaries up to $68,400. They also pay a 1.45 percent tax which levied from their sala
Quotes talked about in this paper
- Greenspan poses the question, "Let's say that we do invest in equities and set up an independent body to make the decisions, how can we be sure that there will be no political interference or corruption? This is a big gamble to take. Also, could there not be a conflict of interests in whom we invest the governments money in?" ...
Terminology mentioned in this research paper
Names talked about in this research material
President Clinton, Alan Greenspan, Guy Peters, President Roosevelt,
Organizations included in this essay
government, Federal Reserve,
Locations included in this essay
Companies mentioned in this term paper
Social Securities, Manpower, Inc.,
Keywords included in this term paper
Social Security, stock market, Social Security trust fund, President Clinton, Social Security system, baby boomers, social welfare, Federal Reserve, social policy, social assistance, social insurance, interest rates, Alan Greenspan, more money, our money, savings accounts, labor market, Crash Course, government expenditure, baby boom generation, taxes, Federal Reserve Chairman, working poor, the security, investment, World War II, retirement age, payroll taxes, big issue, Issue 1, investment decisions, amount, an age, optimistic bias, employers, tax revenues, temp agency, disabled people, labor costs, political intervention, to retire, old age, general population, unintended consequences, child care, purchasing power, CQ Weekly, long term, liquid asset, life expectancy,