SOCIAL SECURITY

Social Security

Social Security

Introduction

The Social Security Act, passed by Congress and signed by President Roosevelt in August of 1935, provides income to those who are retired from work. The law also provides federal payments to states for unemployment insurance, and aid to dependent children, as well as aid to the blind, and money for health clinics for pregnant women and children (Handwerker, 2011). The Social Security Act was part of Roosevelt's New Deal to lift the country out of the Great Depression. It has since been amended to include disability insurance and health insurance for the elderly and the poor. The Social Security program has become one of the most important government programs to provide for the needy and to prevent poverty (Harrington, Wolf, & Himes, 2005).

The present Social security program of US is not the best system, but it serves the most important purpose of a nation (Abelli, Klar, Millay & Rountree, 2001). The social security of US is becoming more common in the 21st century and it is because of the US recession which has shaken the whole US economy (Green, 2005). Here, I am addressing the aspect of survival of social security which is being face in US. There are many solutions which have to be implemented to save the social security issues in the US. The various solutions include the private investment solution, increase in payroll taxes and reducing benefits (Meyer, Wolf & Himes, 2005). People in Us are currently suffering from financial losses plus most of them have almost nil savings for their future life. The US government is focusing on reconstructing and reforming their social survival policies which are mentioned earlier and are going to be explained in the preceding debate. The economic pressures and budget burdens is shrinking the US economy, which has made the government realize to change the policies regarding to social security (Rubb, 2002). Ageing policies are potentially wide-ranging, encompassing, for example, the areas of pensions and income maintenance, housing and planning, health care, informal and long-term care, and the explicit field of social inclusion (Lee, 2000).

From the start, US economy has constituted the social security policies and has been given important preferences. During this time, laws were introduced to provide workers with a basic level of protection against the social risks associated with industrial accidents, illness, old age, and invalidity (Fukuda, 2007). Policies addressing the risk of industrial accidents, introduced ahead of those insuring against loss of employment income related to old age, illness, and invalidity. Schemes designed to provide income at times of unemployment adopts in many US nations somewhat later. Accident insurance schemes appeared to represent the least meaningful departure from radical traditions, since they tend to reflect a traditional view that individuals should assume responsibility for their actions (Waine, 2006).

The foundation of Social Security

The idea of social insurance for the aged in the United States was first publicized in 1795, when popular American author Thomas Paine wrote an essay, “Agrarian Justice,” calling for a social ...