Social security in America

Type :

Term papers

Pages :

7 pages

Format :

.doc

Published date :

07/07/2009

Category :

Political science

Sub category :

Social sciences

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Summary :

Introduction
Social security and the American government
Social security benefits
Alternatives to increasing payroll taxes
Risks associated with privatization
Proposed individual investment accounts
The use of private accounts for investment
The experiences of other countries with privatization
Actual and projected social security balances
Bibliography

Abstract

social security is one of america's most important and successful programs. It has, since 1935, helped to reduce the poverty rate of those 65 and older drastically, having a greater impact than any other anti-poverty measure. Increasing social security expenditures since 1960 have reduced it further, from 35 to 10 percent of those over 65. social security has helped to bring about a situation where the number of elderly living below the poverty line is roughly equal to those of working age adults. The impact and influence of social security on america's workers means that its predicted shortfall must be treated with some concern and the government should begin taking steps to ensure the program's solvency sooner rather than later. However, claims that social security will go broke soon, are unnecessarily alarmist. It is predicted that the system will be pay out a majority of benefits for the next 38 to 48 years, if no steps are taken now. This gives the government enough time to weigh its options in keeping the system solvent. Yet delaying the implementation of these changes reduces the ability to spread costs more evenly over the working population and places a greater and unfair burden on younger workers.