Social Security

Social Security

Social Security is a program that is federally funded, and it provides income to workers who are retiring as well as disabled individuals. The eligibility requirement in order for a person to acquire benefits include disability if a person is physically disabled then that person is entitled to benefits in order to maintain a lifestyle that the government has decided is reasonable. People also qualify to the benefits when he or she reaches the age of sixty-two, this is considered the early age of retirement. The actual age of retirement is sixty-five this is when the person will receive the benefits in consideration of what you have paid in.

In 1935, President Franklin D. Roosevelt established a broad package, which included Social Security, unemployment, old age assistance, aid to dependent children and various grants for the state to provide other forms of medical care. Starting even as early in the year of 1937 of January, this program started to show problems which only collected $8.7 trillion and paying out $7.4 trillion. (John 2005). Some of this came from the onetime payment participants who had not been in the system long enough to be able to receive monthly payments, which took place in 1940. Throughout its history, Social Security has shown it is built to fail. Social Security has constantly paid more out to people then they have paid in, which in some cases only breaking even with no thought to what might happen if there were ever to be an influx of people eligible to receive benefits. (Reuteman 2010)

The reason for the influx is due to the generation of the baby boomers, this is a generation of people who grew up in the 1960’s to 1970’s having been born after World War II. The 1940’s and 1950’s is a time period in which there was a large influx of people who were having large families (John 2005). Now the rising numbers of retirees from the baby boomer generation are putting Social Security into the ground. Many baby boomers...