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Argumentative Essay On Social Security

1933 Words8 Pages

In today’s day in age, there are many hard working, taxpaying men and women in America who have been paying taxes toward Social Security for decades. The Generation of the Baby Boomers has already begun to retire and collect Social Security. Unfortunately, Generation X, those born between 1965 – 1980 and Generation Y, those born between 1981 - 2000 will not be able to retire and collect Social Security. It does not matter that both of these generations have been paying this tax since they began working. There will not be enough funds left to provide when it is time to retire. That is unless the government and/or President Obama can find a solution that everyone can agree with. It is expected that the funds for Social Security will be depleted between 2030 and 2038, most commonly believed to be the year 2033. Social Security is not the only program that will suffer from the governments unfunded liabilities. Medicare funds will also be exhausted. An unfunded liability is what is created by the government when it commits to making a series of future expenditures without simultaneously committing to collect enough tax revenues to pay for those expenditures (McConnell, Brue, Flynn, 2015, p. 117). For years, Americans have paid into the Social …show more content…

According to information released by the United States Census Bureau in 2014, there were more than 5.4 million Americans (approximately 1.8 percent of the Unites States population) on Temporary Assistance for Needy Families in the fourth quarter of 2012; there were 109,631,000 people on one or more means-tested programs (housing, supplemental security income, food stamps, TANF, WIC, Medicaid, and other cash assistance), representing 35.4 percent of the US population, during that same period. The total number of Americans on food stamps was nearly 51.5 million in 2012 (Issitt, M. L., & Flynn, 2015,

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669 Words | 3 Pages

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