ipl-logo

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,

Show More
Related
365 Words | 2 Pages

The social security is a costing system and it occupies a big proportion in the government spending. In Barbara R. Bergmann’s article “Could Social Security Go Broke?,” she deems that there is enough fund in the social security system and the government can easily transfer the tax income from current employees and firms that employ these employees to the social security to support retirees’ lives. This point of view only can be considered as assumption, but not for the real world. After the finacial crisis in 2008, a large number of employees were laid off during that time and some employees decided to retire early, which results the labor force in American has shrunk. In the meantime, the presence of effective technology products,

Read More
826 Words | 4 Pages

putting the security of these civilians a risk, defeats the whole purpose of social security, which is why the privatization of Social Security would be foolish. A major risk of privatization is that the transition from a “pay as you go” system to a fully funded system would be very difficult to manage, for many reasons. Currently, the taxes paid by each generation of workers fund the retirement benefits of the previous generation of workers. While each generation of workers has been confident that its retirement would be financed by the next, this confidence is eroding (Pollard 1).

Read More
1499 Words | 6 Pages

national debt is growing exponentially is health care spending, mostly Medicare. The spending problems with Medicaid are easily fixable, because it is relatively easier to take away benefits from citizens in poverty than elderly citizens who possess a great deal of political power. The National Bureau of Economic Research stated, "Medicare has led to net transfers from the poor to the wealthy, as a result of relatively regressive financing mechanisms and the higher expenditures and longer survival times of wealthier beneficiaries. Even with recent financing reforms, net transfers to the wealthy are likely to continue for at least several more decades."  In 2010, the Congressional Budget Office stated, "The single greatest threat to budget stability is the growth of federal spending on health care--pushed up both by increases in the number of beneficiaries of Medicare and Medicaid and by growth in spending per beneficiary that outstrips growth in per capita GDP.

Read More
681 Words | 3 Pages

The American Social Security program is in a troubling start. Funding for the program is slowly starting to trickle away as more and more citizens are starting to receive these benefits. The government needs to change something to try and fix this problem. Privatizing the social security program to allow banks to take over the program is one way politicians and economists have considered fixing the issues. This would allow the government to cut back spending in the area, allow the citizens to control more of their own retirement, and allowing them to get a higher return for their lifetime investments into the program.

Read More
474 Words | 2 Pages

Our Medicare budget is projected to be insufficient by 2030. In order to make sure Medicare is able to thrive, the United States government has to increase the age of eligibility to 67 years old. Many options for changing our Medicare program have been proposed; however, I agree with gradually increasing the age of Medicare from 65 to 67 over a period of several years. “The option that the CBO (congressional budget office) analyzed would raise the age of eligibility for Medicare by two months every year, beginning with people who were born in 1951 (who will turn 65 in 2016), until the eligibility age reached 67 for people born in 1962 (who will turn 67 in 2029). Thereafter, the eligibility age would remain at 67.”

Read More
882 Words | 4 Pages

Social Security has decreased poverty for the elderly and continues to protect the middle class from fluctuation in the economy. Medicare helps the disabled and saves many people over sixty-five from ungodly prices. Medicare and Social Security touch the lives of most Americans throughout their lifetimes. Keeping many out of poverty and make a significantly impact these people’s lives. Some people feel that the government should not be responsible for providing these services, that these services should be privatized.

Read More
648 Words | 3 Pages

Competing Nationalisms “Zionism is the belief that the Jews constitute a nation… Political Zionism is the belief that the Jews should form and maintain a state for themselves [in Israel].” Nationalist feelings increased when World War I ended as European countries continued their intervention in the Middle East. The conflict between Arabs and Jews started because of the growth of nationalism.

Read More
493 Words | 2 Pages

 They will not be paying into social security and instead will be

Read More
179 Words | 1 Pages

Nobel Peace Prize is a big deal, the people who receive these awards do something that led to change, and involves resolving issues between two nations. President Obama had received this award without having to do a thing resulting a controversy. Obama 's incident was not the only one, in fact there was many causing people to believe that the nobel peace prize is not able to see the difference between hope and actual achievement. This made people feel as if the nobel peace prize had no meaning behind it, made it seem like the previous nobel peace prize winners achievements were not as special and all the effort and hard work put in had diminished. The article is not bad mouthing president Obama, they are talking about how the nobel peace

Read More
773 Words | 4 Pages

Younger workers are currently paying social security taxes to support the retired, and disabled. Younger workers are being cheated because the value of the taxes paid will not exceed the value of the benefits received in the future. Younger workers will never see the money they are contributing, as the Social Security system in its present form will be bankrupt. According to procon.com “The current social security program will become insolvent by 2034, so a better system is urgently required.” To elaborate, social security may result in bankruptcy because of the baby boom in 1946-1964.

Read More
921 Words | 4 Pages

The options follow the convention of not reducing initial benefits for people who are currently older than 55, and all would directly affect outlays for benefits or federal revenues dedicated to Social Security (cbo.gov) The poor economic outlook for Social Security is not a recent development, nor has it only recently been recognized. A major attempt at improving its fiscal soundness was made in 1983, when Congress increased the payroll tax rate and raised the retirement age to 67, creating an expected surplus through the year 2065. Several factors have affected the revised deficit projections, including the continuous forward shifting of the measurement period, the growth in the disability caseload, and changes in forecasting methodology; these bring the peak in the surplus forward by about 25 years (nysscpa.org). These are only a few examples of some of the serious funding problems that Social Security suffers from.

Read More
669 Words | 3 Pages

This program was created by the government to ensure that all Americans had money to live off of after they retire. However, this system is expected to be exhausted by 2030, which will cause many Americans to lose major benefits (Feldstein). The causes of this imbalance comes down to three main reasons; there are more Americans retirement than there are working, there is a maximum cap on how much high-earning people can be taxed, and that Americans are relying on Social Security more

Read More
3698 Words | 15 Pages

Social security, a program which many people take for granted, faces a $6.5 trillion deficit over the next 75 years and will go bankrupt much sooner than that (Ryan, 2013). One of the largest welfare programs in the US, social security offers a basic pension for retirees once they turn 62. Many people depend on social security for a large portion of their income and would be living in poverty without it. However, this vital program happens to be a doomed program. The government is faced with a question they currently have no answer for, jeopardizing the well being of millions of Americans.

Read More
810 Words | 4 Pages

Although some may say that our social security system has long been an ache in the side of America’s economy, in actuality, with more attention paid toward its use can significantly help us. In the age where generation Y and millennials are about to enter America’s work force, it is inevitable that they will run into obstacles created by the country’s gargantuan national debt: a staggering $18 trillion. While the economy is indeed in a great state than what it was in 2008, the recession is still fresh on US citizen’s minds, leading to thoughts of how the economy could be improved, for example, whether or not social security is good for the United States. Several people have been in favor of continuing the support of the social security

Read More
1002 Words | 5 Pages

As a society we need to accept that it is up to our generation to fix this issue. Reforming Social Security will benefit everyone living in the U.S. in the long run. Restoring Social Security to its once former glory is a necessity to benefit our further generations and to create a better future for the next generation of workers. In order to accomplish this lofty goal I propose that we increase the payroll tax cap to boost Social Security’s funding and reduce benefits for the higher income earners who do not need Social Security as much as others do. The majority of Social Security’s income originates from the Social Security payroll tax.

Read More

More about Argumentative Essay On Social Security

Related Topics

Open Document