The Past, Present and Future of Social Security Essay -- Social Securi

loving security system A Historical View fond security, the federal retreat system, is one of the most popular government programs in United terra firma?s history. Today, complaisant hostage benefits are the backbone of the nations privacy income system. The vast road to the successful development of affable security began in 1935. in the beginning 1935, very few workers veritable job pensions. Those workers that were covered never have benefits because they were not guaranteed. Franklin D. Roosevelt signed the original loving Security Act. It comprised of ii service a Social Security retirement benefit that applied plainly to workers, and a welfare program for the elderly called Old Age Assistance. Social Security benefits were not paid until 1942 to allow for a period of overtone tone forward funding. The retirement benefit service was funded by a both share tax on the first $3000 of payroll earnings, 1 percentage form employers and 1 percent from workers. In 1939, Social Security was amend to include coverage to dependents of workers who died. The payroll tax income was also set excursus in a separate trust fund. Social Security gained discipline commitment in 1950 when the Old Age Assistance program was phased out. Benefits were change magnitude by 77 percent and the payroll tax rate was change magnitude to 6.5 percent on a phased ? in basis. This increment was partly a response to an expansion in clannish pensions that were being won by unions in collective bargaining agreements. The pensions, usually, served as a supplement to brotherly security benefits. Employers supported Social Security summations because they were considered more economical than snobbish pensions. In order to emergence Social Securit... ...bout higher deductibles, reduced benefits, or the probability of a government-run program that many not meet its commitment. The increase in the nation?s savings rate wo uld not completely benefit retirees, but would strengthen the economy. Savings would be invested privately, which would create saucily businesses and jobs. BibliographyCambetas, Daniela. The Economic Reality of Social Security. Social Security. 25 Aug. 2007. Conover, Pat. ?A taciturn History of Social Security.? 20 July 2001. 25 July 2007. http//www.ucc.org/justice/ss/history.htm. Social Security Online. 25 July 2007. . Social Security The Perspectives in Detail. Public Agenda Online. 8 Aug. 2007. http//www.publicagenda.org/issues/debate_detail2.cfm?issue_type=ss. The Past, Present and Future of Social Security Essay -- Social SecuriSocial Security A Historical View Social security, the federal retirement system, is one of the most popular government programs in United press out?s history. Today, Social Security benefits are the backbone of the nations retirement income system. The recollective road to the successful development of soc ial security began in 1935. in front 1935, very few workers received job pensions. Those workers that were covered never received benefits because they were not guaranteed. Franklin D. Roosevelt signed the original Social Security Act. It comprised of two operate a Social Security retirement benefit that applied unaccompanied to workers, and a welfare program for the elderly called Old Age Assistance. Social Security benefits were not paid until 1942 to allow for a period of partial forward funding. The retirement benefit service was funded by a two percent tax on the first $3000 of payroll earnings, 1 percent form employers and 1 percent from workers. In 1939, Social Security was revise to include coverage to dependents of workers who died. The payroll tax income was also set excursion in a separate trust fund. Social Security gained subject commitment in 1950 when the Old Age Assistance program was phased out. Benefits were increase by 77 perc ent and the payroll tax rate was change magnitude to 6.5 percent on a phased ? in basis. This increment was partly a response to an expansion in private pensions that were being won by unions in collective bargaining agreements. The pensions, usually, served as a supplement to social security benefits. Employers supported Social Security increases because they were considered more economical than private pensions. In order to increase Social Securit... ...bout higher deductibles, reduced benefits, or the probability of a government-run program that many not meet its commitment. The increase in the nation?s savings rate would not alone benefit retirees, but would strengthen the economy. Savings would be invested privately, which would create new-fangled businesses and jobs. BibliographyCambetas, Daniela. The Economic Reality of Social Security. Social Security. 25 Aug. 2007. Conover, Pat. ?A short History of Social Security.? 20 July 2001. 25 July 2007. http//www.u cc.org/justice/ss/history.htm. Social Security Online. 25 July 2007. . Social Security The Perspectives in Detail. Public Agenda Online. 8 Aug. 2007. http//www.publicagenda.org/issues/debate_detail2.cfm?issue_type=ss.