SOCIAL SECURITY PROGRAM

U.S. Social Security Program

Abstract

Social Security is one of the most well liked, amply subscribed, and positively seen government programs. The scheme performances, a significant function in the American finances, and it purposes as both a retirement savings design and redistribution of riches to decrease scarcity amidst the elderly. With capital running reduced and the baby boomers close to retirement age, the Social Security allowance will be giving out more than it obtains, where shortly the government will have to scrounge capital from other reserves or other countries. It supplements to our present nationwide liability of $12 trillion, and it can have a very contradictory result on foreign affairs. This will further force the government to lift Social Security payroll levies, where employees will have less disposable income. Less disposable earnings will contrary sway the United States GDP, where Americans will spend less. Furthermore, it is expected that that Social Security is not enough to finance the monthly expenses.

Table of Contents

Abstractii

Introduction1

Discussion1

Societal Problem1

Program Goals and Objectives3

Program Operations6

Program Critique9

Conclusion9

References11

U.S. Social Security Program

Introduction

The present Social security program of US is not the best system, but it serves the most important purpose of a nation. 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. 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 (Modigliani 2004).

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 (Modigliani 2004). 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 (Modigliani 2004).

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 (Modigliani 2004).

Discussion

Societal Problem

From the start, US economy has constituted the social security policies and has been given important preferences (Frieden 2007). 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. Schmidt (2005) notes a certain regularity with which such income maintenance policies were adopted. Policies addressing the risk of industrial accidents, introduced ahead of those insuring against loss of employment income related to old age, illness, and invalidity (Frieden 2007). Schemes designed to provide income at times of unemployment adopts in many US nations somewhat later. Schmidt (2005) argues that this pattern reflects the degree to which social policies represented a break with traditions of economic and political liberalism in the industrializing US of the late 19th and ...