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Social Security System

Introduction

Social Security

Social security is a social insurance program that provides social protection against old age, poverty, disability, unemployment, and the like. Social security system means social insurance by means of which people are given benefits and services for their insurance program's contributions. These benefits include disability insurance, retirement pensions, unemployment insurance, and survivor benefits. The social security system helps in the maintenance of income through distributing cash in case of unemployment, disability, and retirement. It may also include healthcare, social work, and industrial relations. Whatever the additional benefits, the basic components of a social security system refer to the provision of basic necessities, like food, clothing, housing, and education (Rachels & Rachels, p. 6).

Social Security in the United States

In US, the social security is available in the form of the federal Old-Age, Survivors, and Disability Insurance (OASDI) program. The Social Security Act of 1935 along with its amended version includes social welfare and insurance programs. Other than OASDI some of which are unemployment benefits, Health Insurance for Aged and Disabled (Medicare), Temporary Assistance for Needy Families, State Children's Health Insurance Program (SCHIP), Grants to States for Medical Assistance Programs (Medicaid), Patient Protection and Affordable Care Act, and Supplemental Security Income (SSI).

The Social Security System is funded by payroll taxes called Federal Insurance Contributions Act tax (FICA). These tax deposits are given over to the Federal Disability Insurance Trust Fund, Federal Old-Age and Survivors Insurance Trust Fund, the Federal Supplementary Medical Insurance Trust Fund, or the Federal Hospital Insurance Trust Fund. The four main benefits provided by the Social Security System includes retirement, survivorship, death, and disability (Rachels & Rachels, p. 10).

Discussion

In the developed countries including US, the Social Security System is facing a crisis. Since, the economic downtrends and stagnation of growth is prevailing, the government of US faces ever increasing budget deficits, along with a reduction if the national output levels and the increase in the aging population. All of this has brought changes in the social structures and made it difficult to meet the greater than ever g demand for social security (Feldstein & Liebman, p. 12).

Ethical Egoism

Ethical egoism maintains that self-benefit is the driving force behind all our actions, even our virtuous actions. Therefore, self-benefit sets the standards for right and wrong, or moral and immoral. The ethical egoists advocate that people are by and large selfish. Thus, they refuse to go along with any moral principles as morality and selfishness are incompatible. The egoists propose that with the purpose of securing long-term benefits and for the promotion of long-term self-interest people should adhere to moral principles. This means that you should keep contributing to the Social Security System for the benefit of self and others; for the reason, if everyone started being selfish then everyone will suffer as they will not be able to receive the benefits they get (Shionoya, p. 5).

Social Contract Theory

This theory proposed by Thomas Hobbes holds the ultimate goal of morality is personal benefits. However, where egoism states that ...