Social Security

Social Security and the Future it holds

Tremaine Garner

May 3rd, 2011

Hum/172 Elements of University Comp

Instructor: Sherie Green

Is Social Security really that secure? Social Security tax was established in the 1930’s which was imposed upon working people and their employers. Social Security tax ensures that every American citizen will be covered and have some type of income after retirement, if disabled or to a family if there is a death. Although, since the 1930’s our country has taken a massive fall in its economic standings and now cannot be that sure that all the hard work that is being put in will secure us later down the line. According to Stephen Ohlemacher (2011) (http://abcnews.go.com/Business/wireStory?id=12772252), Social Security's finances are getting worse as the economy struggles to recover and millions of baby boomers stand at the brink of retirement. In this essay I will be exploring the ideas and views of how social security may be depleted and the negative effects it will have on our American citizens.

Social Security is supposed to be a benefit for individuals who have worked vigorously for many years in anticipation to retire and still maintain a household and lifestyle. However, in recent years the economy has taken a tremendous step back and the workforce has become scarce. Much of our society has become reliant on Social Security such as the Baby boomers of the late 1940’s. Forty two percent of these individuals born between, 1946-1964 are now delaying their retirement plans and in some cases assuming their retirement day will never come. Some have said that even their savings is simply not enough and because of the economy, investments, retirement funds, and many homes have lost significant value.

According to the Congressional Budget Office (http://abcnews.go.com/Business/wireStory?id=12772252), this year alone, Social Security is projected to collect forty five billion less...