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Social Security Income (SSI)

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During 1935, in the midst of the Great Depression, President Franklin D. Roosevelt signed the original Social Security Act into law. Since then, Social Security has gone through plenty of phases; most of which include tacking on additional programs to the law such as different forms of insurance. A fact that often goes unnoticed is that building more government programs requires additional funding and, as a result, raises taxes for the American people. When it was first developed, Social Security was simply a means to assist any retired person over the age of 65 by providing them with a small income, and Supplemental Security Income (SSI) did not even exist. Now, the Social Security program has grown to encapsulate other programs including …show more content…

Back when it was first established in 1935, Social Security was an excellent cushion for retirees; as of late, the program has spiraled into such a chaotic, corrupt mess, that Americans need to find a solution to this monster of a program. Firstly, it is important to note exactly why Social Security is such a negative program. Were it used for its original intention, Social Security would be a blessing, but instead, it is a plague unto not only the pockets, but also the work-ethics of all working-class Americans. SSI disability is a welfare-like system which awards benefits based on an individual’s physical or mental health. The problem with disability? Anyone claiming it doesn’t actually need to be disabled. Three-time published author Joseph N. Fried, CPA, MBA, has over 30 years of experience making financial statements for nonprofit organizations. …show more content…

It may seem a long way off, but soon, college-age Americans will come head-to-head with this program. They will have to decide their course of action; work hard and let others reap the reward, or shamefully feed off of the work of others. In all seriousness, Social Security has a superb backbone and was created for a righteous cause. Perhaps remembering what the program was originally made for will cause Americans to realize just how far they have strayed from the starting

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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,

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311 Words | 2 Pages

The "windfall elimination provision", created by Congress in 1983 when Social Security faced bankruptcy, was designed to address the situation of some retirees who received government pensions, but were still considered "low income", and thereby benefited from the prospect of increased Social Security benefits, because the retirement

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444 Words | 2 Pages

In matters of environmental preservation, one has two options; extol the virtues of economic expansion, or shelter the wounded environment- an angel and devil perched upon shoulders situation of sorts. In building his argument, human rights activist and 39th president of the United States of America Jimmy Carter displays a commendable zeal for his cause whilst skillfully utilizing the element of persuasion to transcend the “devil”. No one is blind to the suffering caused by environmental abuse, but Carter draws a dagger of emotion, veiled by stylistic phrasing and subtle remarks, and plunges it into the heart of his opposers with this passage, ensuring no blind eye may be turned to the fate of his country. Changing the opinion of an opposer

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280 Words | 2 Pages

Social Security also gave financial aid to the disabled along with the unemployed. This act was crucial to the recovery to the nation because it gave people some financial stability and insured people

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1106 Words | 5 Pages

The Social Security Act was the foundation of America’s welfare system, as it created unemployment insurance, created a retirement benefits program for the elderly, and created Aid to Dependent Children. These programs, however, required funding that came from every American’s paycheck. This did not sit well with Goldwater, who thought that people should “be free throughout their lives to spend their earnings when and as they see fit,” and believed that if the government was going to create programs that did not meet the Constitution’s standards, then they were not entitled to the taxes they need from the American people (12). Goldwater saw taxation as a burden on the individual American citizen, and therefore did not support the welfare acts, like Social Security, that required it. Consequently, he emphasized that “the current results of New Deal legislation,” or the “Federal disbursements for human welfare,” were “second only to national defense” in amount of money spent (48).

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1044 Words | 5 Pages

Some pros to having Social Security replaced is that the induvial has more control of its retirement fund then they will with Social Security. Private funds make Americans capable of making their own decisions about how their retirement contributions are invested. If Americans invest in private funds they are investing in private capital markets which can produce net increase depending on how the government handles the transition of Americans replacing social security with trust funds (Tanner). Although, private funds sound like a good replacement for social security “many people lack the basic financial literacy to make wise investment decisions on their own” (Privatizing Social Security). Social security has started to face many financial difficulties over the years and resorting to private funds would actually make the social security problem worse.

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821 Words | 4 Pages

However, there are some people today that abuse this financial aid to reap the benefits by injuring themselves which is unlikely but possible and by exceeding their stay on the free ride when they are healed up and ready to go back to work. Originally there was 37 million dollars distributed to the recipients of social security and now there is about 15 billion (ssa.gov). The government determines the amount of Social Security benefits a person receives based on lifetime earnings for their retirement. Disability benefits are based on average monthly income. Saying that, I do think that social security (governmental aid) is rightfully beneficial to the people who need it, but the way in which people are evaluated to receive money from the government should be more strict.

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129 Words | 1 Pages

Christopher, Greed was differently the driving factor of the imbalance between the wealthy and the common people. Social Security definitely did help the economy. When those of age 65 and over would retire, it would lead to job positions opening up, which led to new people being hired. It wasn’t really new demand, as younger people would replace the older ones. When people would receive their pension check it wasn’t very much.

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746 Words | 3 Pages

This paper will explore the long term impact of the Social Security Act of 1935. The Act was created by the Roosevelt administration. Roosevelt believed that the provision for the public was a matter of justice, and not a matter of charity. Although a social security bill was introduced on January 17, 1935, the act did not emerge. The existing federal and state aid and old-age pension laws formed a national policy of social security.

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654 Words | 3 Pages

During this time in history, the supplemental security income for the elderly

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452 Words | 2 Pages

If the numbers continue to grow at the same rate it is now, the different entitlement programs will consumer as much as 15 percent of the nation’s economic output (Chamberlain, 2007). Chamberlain asserts that this is double the current rate. An increase in the current rate presents a danger to the future output of the economy. Moreover, I believe that the government could work towards controlling the uncontrollable (Tax Policy Center, n.d.). Just because entitlement spending is said to be uncontrollable, it does not mean that this programs could not be reformed.

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2236 Words | 9 Pages

With the influence of European systems, America created several different programs to help out the unemployed, injured workers, elderly, and minority populations. The state old age pension was the most active form of welfare before Social Security Act began. Over 30 states formed old age pension programs to help out the elderly, but they were inadequate and ineffective. Only about 3 percent of elderly were receiving benefits of .65 cents a day.

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822 Words | 4 Pages

Social Security Short Paper History of Social Security According to Social Security (n.d.), the Social Security Administration (SSA) began life as the Social Security Board (SSB). The SSB was created at the moment President Roosevelt inked his signature on the Social Security Act (August 14, 1935 at 3:30 p.m.). The SSB was an entirely new entity, with no staff, no facilities and no budget.

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770 Words | 4 Pages

The New Deals Agencies were signed by President Franklin D. Roosevelt in order to help the American people during the Great Depression. The Works Progress Admission, The Tennessee Valley Authority, The Social Security Act, and Agricultural Adjustment Act were just some of The New Deal Agencies that were signed by President Franklin D. Roosevelt. The main purpose of having The New Deals were to help the American people that were struggling during this time during American history. The Works Progress Admission was an emergency relief program signed by President Franklin D. Roosevelt in the 1930’s, during The Great Depression to employ the unemployed American people. The works Progress Admission helped give jobs to over 8 million

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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.

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