SOCIAL SECURITY REFORMS

Social Security Reforms

Social Security Reforms

Introduction

Created in 1935, Social Security has helped to protect millions of workers from poverty in their senior years, but demographic realities have changed over the past 70 years and are still changing. If Social Security doesn't change with them, the system will be unable to meet its promises to tomorrow's retirees and will burden the next generations, our children and grandchildren, with backbreaking taxes. The entire study in this paper is related to Social Security system and what changes have been made in the reforms through these years. This study also explains the factors that damaged the system of social security and then some recommendations are also given as a piece of advice.

Scope

This study is beneficial for every person who is earning or even is unemployed. Because it discusses the benefits that the public deserves, it is also useful for people who want to know the problems the social security is facing and what changes it is likely to bring.

Significance

It's one of the most important issues of all times because it is the biggest support for the needy and old people. Most of the people completely rely on this system because their expenditures are covered through funds that this system provides to them.

Literature Review

The book written by Thomas R Dye named “Understanding Public Policy” defines the social security system, then it further describes its types and then who is involved in this system. Moreover, what are the system's aims and through what process it achieves its aim. It also tells us about problems it is facing when executing the system and up till now what reasons remain responsible in its failure. It also tells us the solutions to correct the system and what can be done to avoid future problems.

Social Security is a program consisting the old-age survivor's disability insurance and the medical care. The whole program of social security system includes Social Security, worker's compensation and unemployment insurance. It is basically the provision, a society designs to provide income support for citizens, who are old, sick or unemployed (Barker, 2003). It's a financial support for the elder and disabled people and the term social security is also known as social welfare by researchers.

The social welfare in the United States is separated in two parts: Social insurance and social assistance. In social assurance, social security, unemployment insurance and worker's compensation are included. On the other hand, some in-cash and in-kind programs comes in the social assistance category.

The target audience of the social security reform consists of self-sufficient workforce and dependent people. As far as the self-sufficient force is concerned, it includes elder care, medical benefits and unemployment insurance. Therefore, workers should put in money to it, and social insurance will then work independently and won't take the help of the government. Whereas, dependent people includes children, elders, disabled, blind, needy people and housewives or widows. These are the people who cannot earn or even if they earn, the income won't be enough to feed ...