The Past, Present and Future of Social Security Essay -- Social Securi

accessible hostage A Historical View neighborly security, the federal hideaway system, is one of the most popular government broadcasts in unite State?s history. Today, hearty shelter benefits are the backbone of the nations retirement income system. The long road to the successful development of social security began in 1935. Before 1935, very few workers received job pensions. Those workers that were covered neer received benefits because they were non guaranteed. Franklin D. Roosevelt signed the original Social bail Act. It comprised of deuce services a Social security retirement benefit that use only to workers, and a welfare chopine for the elderly called Old get along Assistance. Social Security benefits were non paid until 1942 to allow for a spot of partial forward funding. The retirement benefit service was funded by a dickens percent tax on the first $3000 of payroll earnings, 1 percent form employers and 1 percent from work ers. In 1939, Social Security was amended to include coverage to dependents of workers who died. The payroll tax income was also go down aside in a sepa number trust fund. Social Security gained national commitment in 1950 when the Old climb on Assistance program was phased out. Benefits were increased by 77 percent and the payroll tax lay was increased to 6.5 percent on a phased ? in basis. This increment was part a response to an expansion in private pensions that were being win by unions in collective bargaining agreements. The pensions, usually, served as a appurtenance to social security benefits. Employers supported Social Security increases because they were considered more stinting than private pensions. In order to increase Social Securit... ...bout higher deductibles, trim back benefits, or the probability of a government-run program that many not stand its commitment. The increase in the nation?s savings rate would not only benefit retirees, but would strengthen the economy. Savings would be invested privately, which would defecate new businesses and jobs. BibliographyCambetas, Daniela. The Economic Reality of Social Security. Social Security. 25 Aug. 2007. Conover, Pat. ?A Concise History of Social Security.? 20 July 2001. 25 July 2007. http//www.ucc.org/justice/ss/history.htm. Social Security Online. 25 July 2007. . Social Security The Perspectives in Detail. Public schedule Online. 8 Aug. 2007. http//www.publicagenda.org/issues/debate_detail2.cfm?issue_type=ss. The Past, Present and Future of Social Security Essay -- Social SecuriSocial Security A Historical View Social security, the federal retirement system, is one of the most popular government programs in fall in State?s history. Today, Social Security benefits are the backbone of the nations retirement income system. The long road to the successful development of social security began in 1935. Before 1935, very few workers received job pensions. Those workers that were covered never received benefits because they were not guaranteed. Franklin D. Roosevelt signed the original Social Security Act. It comprised of two services a Social Security retirement benefit that utilise only to workers, and a welfare program for the elderly called Old Age Assistance. Social Security benefits were not paid until 1942 to allow for a extent of partial forward funding. The retirement benefit service was funded by a two percent tax on the first $3000 of payroll earnings, 1 percent form employers and 1 percent from workers. In 1939, Social Security was amended to include coverage to dependents of workers who died. The payroll tax income was also circumscribe aside in a separate trust fund. Social Security gained national commitment in 1950 when the Old Age Assistance program was phased out. Benefits were increased by 77 percent and the payroll tax rate was increased to 6.5 percen t on a phased ? in basis. This increment was partly a response to an expansion in private pensions that were being win by unions in collective bargaining agreements. The pensions, usually, served as a supply to social security benefits. Employers supported Social Security increases because they were considered more economical than private pensions. In order to increase Social Securit... ...bout higher deductibles, cut back benefits, or the probability of a government-run program that many not neat its commitment. The increase in the nation?s savings rate would not only benefit retirees, but would strengthen the economy. Savings would be invested privately, which would defecate new businesses and jobs. BibliographyCambetas, Daniela. The Economic Reality of Social Security. Social Security. 25 Aug. 2007. Conover, Pat. ?A Concise History of Social Security.? 20 July 2001. 25 July 2007. http//www.ucc.org/justice/ss/history.htm. Social Security Online. 25 July 2007. . Social Security The Perspectives in Detail. Public order of business Online. 8 Aug. 2007. http//www.publicagenda.org/issues/debate_detail2.cfm?issue_type=ss.