Friday, February 1, 2019
Retirement Revamping Essay -- essays research papers fc
affable security is a major concern in American society today. hearty protection first started in 1935 under President Roosevelt when he signed the Social Security Act that provided the elderly with guaranteed retirement income. In 1939, benefits for spouses, dependent children of retirees, and survivors of workers who infract before retirement were implemented by congress. In the 1950s, disable workers were alike given benefits. Now days, Social Security is under close scrutiny. notes are depleting, and Social Security is in need of some stark revamping. Many solutions have come forth, but the most workable formulate is to create privatized investment accounts that entirelyow individuals to have more influence all all over their own money for retirement. (Weisman)In 2000, $402 one million million dollars were spent to give over 45 million people benefits from Social Security. 63%, or $348 billion dollars, went to retired workers while the other 37%, or $54 billion do llars, was distributed among disabled workers and their families. As of 1950, there were 16 people paying Social Security taxes to every one retiree receiving benefits. Now, the ratio is at a glum 3.4 tax payers to every one recipient. (Clayton) Projectionists are saying that with the up-to-date taxes and the current spending, more money entrust be paid out than brought in by the year 2016. In fact, some say the deficit testament reach numbers totaling $17.4 billion in 2016. More over, if this trend continues, debt depart reach $99 billion by the year 2020 and $271 billion in 2030 projections show that funds result be completely dried up by 2038 if nothing has still been done. (Weisman)Economists have several different proposals for how to realise the problem. Some say that individuals should have complete control over their money to invest in the stock market as they choose. They see expend some of Social Security in the market as the solely way to eliminate the deficit. Th ey say the deficit will soon step-up with the baby boomers generation primed to retire in the next 12 years, and they believe the market is the countrys best bet to limit Social Security afloat. (Weisman) Others believe that just a few boor adjustments are needed to fix the problem. Ideas, such as the raising of upper limit wages subject to a payroll tax and investing 15% of Social Securitys surplus in stocks, have been proposed to immingle in the aid of eliminating the de... ...e implemented in the younger American generation. This will save social security for its future recipients and create a punter foundation for the upcoming generation. The fact of the matter is, Social Security will change, and it must change or else retirement for all will complete to exist.Works CitedClayton, Gary E. Economics Principles & Practices. Columbus, OH Glencoe McGraw      Hill. 2003.Feldstein, Martin. Privatizing Social Security The $10 trillion Opportunity. SocialSe curity Privatization. 11 Nov. 2004. .Ferrara, light beam. A Plan For Privatizing Social Security. Social Security Privatization.11 Nov. 2004. .Ferrara, Peter. The Failed Critique of Personal Accounts. 8 Oct. 2001. 11 Nov. 2004. . Orszag, Peter R. Costs of Voluntary Individual Accounts for Social Security. 5 May2000.     15 Nov. 2004. Rechtman, Yigal. The Idea of Privatization. Social Security and Privatization. 11Nov. 2004 Strengthening Social Security. The white House. 11 Nov. 2004     Weisman, Jonathan. Bush Pushes for Overhaul Others Say Go Slow, If at all. USA      Today.