The Pros And Cons Of Social Security

President Franklin D. Roosevelt, a Democratic President, invented Social Security as part of "The New Deal" in the year 1935. Its invention was to combat the "The Great Depression". It was invented along with welfare to help America's elderly, disabled, and unemployed.

During the Great Depression people lost their jobs and didn 't have money available when they retired. Franklin Roosevelt wanted citizens to have money available if they became unable to work anymore or not start work at all because of an unforeseen event in their life. By reading the debate and ideas of the Act, a better understanding of how the Social Security Act came to be can be gained. The Social Security Act was created in 1935 for people that are disabled who can 't work at all and for citizens that work to have money put into social security and available after retirement. It was used to help citizens after the Great Depression who lost their jobs. This act would help citizens that work to have benefits by having employers pay into a trust fund, so money would be available to employees after they retire or become disabled while working.

The first social security program did not form until 1935. After 1935 the civil war had ended but had left hundreds and thousands of widows and orphans as well as disabled veterans. Right after the war the rate of disabled veterans increased. Many people that were once bread winners had lost it all, which brought upon a generous pension plan. This pension plan had close similarities to the development of social security (Armstrong, 1932).

On August 14, 1935 in Austin, Texas, President Franklin D. Roosevelt inked his signature on the Social Security Act. It was originally implemented to resolve problems with unemployment, old age insurance, and public health and welfare. The Great Depression was the catalyst for the creation of the Social Security program, and the basic structure was very similar to Germany’s social insurance programs from the 1880s. Today, social security is mostly used for retired senior citizens starting at the age of 62. At 62, American citizens can begin to collect, but will only receive 35% of their monthly benefit due, rather than the maximum amount of 50% when they reach the full retirement age of 66. (cite) In addition, social security is dispersed to about 14 million disabled people under the age of 62, who can no longer work in the labor force for various reasons. The people who qualify as disabled are just a small percentage of those collecting compared to senior citizens, and are often not mentioned when social security issues are brought up because of their minute effects on social security distribution.

The most noticeable surviving act is the Social Security Act, which was part of the Second New Deal, made up of long-term relief policies as opposed to the First New Deal’s immediate relief policies. The Social Security Act established pensions, unemployment insurance, and welfare for the disabled. It was the first program of its kind, giving an economic relief to the elderly, unemployed, disabled, and dependent. A recent survey conducted by the National Academy of Social Insurance states that social security support “cuts across political parties, age groups, income levels, and race and ethnicity” ("Public Opinions on Social Security", 2012). Similar to the New Deal, President Lyndon B. Johnson enacted the Great Society programs from 1964-65.

In 1930’s the Great Depression triggered a crises in the nation’s economic life. The Great Depression left millions of people unemployed and penniless. People consider leaving their farms behind to work in the cities factories to send money home. But as they grow into their new lifestyles the aging parent would stay behind to keep their dream of landowner ship. The seniors would be left in the hardest times of need living off the land. President Roosevelt’s New Deal was created to help jump-start the economy by providing unemployed workers with jobs and benefits packages for temporary relief. One of the many steps taken to alleviate the burden on the American people was the passing of Social Security Act on August 14, 1935 and its amendments by Congress and the President, Franklin D. Roosevelt.

Roosevelt and his Economic Crisis Committee, in 1935, came up with the simple idea of providing benefits to the generation of retired workers from tax money of currently working generation. Roosevelt put this straightforward idea into the system to make it work, and it surprisingly has worked out well so far. When the bill became a law in 1935, there were many people who were affected by the Great Depression and sought financial aid. Unlike the bank money that goes in loans and still depositor have access to the money; Social Security System passes out collected money immediately into benefits (“Social Security System”). This way, the working generation will always provide enough money to the fund. Rather than providing money from government fund, idea of benefiting citizens from their own money didn’t receive

The Social Security system is perhaps the most successful government social insurance program in the nation 's history; and began with the Social Security Act in 1935. Social Security is a needed federal system that encourages income stability to millions of people across the United States. This is accomplished by giving a stable flow of income to replenish lost wages that occur as a result of disability, retirement, or death of a family member. There are about 59 million people in the U.S. that receive Social Security. Most of them are the required 65 years of age or older. Sadly about half of the 59 million people rely solely on Social Security to pay their bills and everyday necessities.

The social security act was created by President Franklin D. Roosevelt so that he could put in place provisions in order to help the elderly. The social security act a document that helps impoverished citizens, such as the elderly and physically impaired receive benefits after retirement. Citizens’ in America during the great depression where expected to work weather elderly or physically disabled. These citizens weren’t afforded the financial stability to retire so work was a necessity to acquire money. “Prior to social security, the elderly routinely faced the prospect of poverty upon retirement” (U.S SSA). This effect of the great depression led to a lot death and homes turning into singled parent homes with no income. “The widespread

Social security was another great thing right after the great depression because when you have a lot of money and pay into it, you will get that money back when you need it. Social security works as it's like a investment where you pay a little bit into it and when you retire or need it you can take your money out. At first social security's name was the Economic security bill but then later changed when Frank buck made a motion to change the name (Social Security history). The social security started in august 14 1935 and was signed by FDR. In 1939 the SS was changed and was for the disabled too.

The Social Security Act grew out of President Franklin D. Roosevelt’s Committee on Economic Security and was signed into law in August of 1935 (Martin & Weaver, 2005). The Act created several programs that provide income security to the old-age, unemployed, and families with children (Martin & Weaver, 2005). The original Act allowed for provisions to research health insurance, but the Medicare program would not exist until 30 years later (Martin & Weaver, 2005).

Americans today must to plan for retirement that spreads beyond social security. Many reports have shown that social security funds will run out in the year 2036. Social Security may not even be obtainable to Americans in the near future for many reasons. For example, budget constraints, a bad economy, declining assets, stocks, 401Ks, IRA's, and inflation are big reasons why. For the past few decades, many Americans thought that they could rely on Social Security for their retirement plans. When the Great Depression happened, President Roosevelt saw a lot of Individuals not working and witnessed many of the nation's elderly with no money to retire. The Social Security program was to make sure this level of poverty cannot happen again for any worker who had paid into the program. Payroll taxes are what fund this program. After a certain percent of a worker's paycheck is taken out, it will go directly into the fund that that provides benefits to current recipients. When law makers first implemented the Social Security program in 1935, they set it up to have the working person pay into a fund to help the aging Americans that are too old to work. For many years, this philosophy has worked well.

In general, we know what to do: raise retirement ages, tax social security benefits fully, shift Medicare towards "manager care" and correct social security benefits for an over statement of inflation. Naturally, changes need to be made gradually so that today’s retirees are the individuals affected. The most practical solution is a mix of tax increases and benefit cuts. This way all generations would be asked to contribute.

Social security, the federal retirement system, is one of the most popular government programs in United State?s history. Today, Social Security benefits are the backbone of the nation's 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.

     Social Security is a public program designed to provide income and services to individuals in the event of retirement, sickness, disability, death, or unemployment. In the United States, the word social security refers to the programs established in 1935 under the Social Security Act. Societies throughout history have devised ways to support people who cannot support themselves. In 1937 the government began issuing Social Security identification cards to all citizens. Each card had a unique number that the government used to keep track of a person’s earnings and the taxes collected from those earnings that went to finance Social Security benefits. The Social Security Act is an act in which