The Great Depression Essay Research Paper Social — страница 3

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accounts do not ensure income for their parents, who are already retired and collecting their payouts. However, this option has been somewhat difficult to digest for many congressmen, who prefer to consider only options for extending the life of the current Social Security System without raising current tax rates. ( Bankruptcy ) What I ve Learned: Before beginning this project I had only very limited knowledge of the problems regarding Social Securities future. As a person who is still preparing for his career, I have not yet begun to even consider retirement. I did know, however, that our current Social Security system was in serious jeopardy. From what little I had skimmed though in newspapers or overheard on CNN, I considered the situation to be terminal. I was more or less

committed to the idea that Social Security was a dying institution, and that even though I might be paying money towards Social Security today I would generally be responsible for financing my own retirement later in life. The first thing in my research that gave me any hope to the contrary was a quote from FDR. When Social Security was first enacted, he told a visitor to the White House that with those taxes in there no damn politician can ever scrap my Social Security Program. (Driver 12) For me, this brought up an excellent point. I would certainly not be the only American outraged if, after having always financed other people s retirement with a portion of each of my paycheck, I was denied the same benefits during my retirement. That was enough to assure me that Social

Security will likely remain an American Institution in some shape or form. With that assured, the only question that remains is in regard to how Social Security will change to face the problems that threaten to sink it today. I was somewhat surprised to find that in reality the situation was not entirely dire. By simply raising the Social Security wage tax by 2.2%, the program could cover all of its payouts well into the future without a foreseeable end. With that in mind, the idea of creating elaborate stock market investment vehicles to extend the life of the current system for 30 or even 75 years began to seem absurd. This served to assure me that any perceived controversies are purely political in nature. While congressional republicans are looking to install an individual

retirement account system that favors the wealthy while using budget surpluses to offer tax cuts, the democrats are just struggling vainly to maintain the current system without having to raise tax rates. I was consoled by evidence that ulterior motives are not a new thing where Social Security is concerned. Even FDR, a president for whom I have the utmost of respect, had goals for the Social Security Act that went well beyond social security. Part of the reason that he was so fixated on creating a Contingency Reserve for the program is that the reserve would be invested in government bonds, and would provide funding for his other new deal programs. Overall, completing this project has instilled me with a sort of pride in our Social Security System. For all of its problems, it

has been one of the most successful social programs in the history of the world. For millions of Americans over the years it has provided a source of dependable financial support, either in times of hardship or after retirement. In a way, the idea of the younger generations financing the retirement years of their parents seems so praiseworthy that even the political maneuvering that surrounds the program doesn t phase me. Social Security to me is one of a few government institutions that are so unquestionably noble that it would be a shame to see it diminished. 6fb Cheers for Social Security The Washington Post Apr 13 1999: p. A20Driver, William J. The original act it was just the beginning. Social Security Bulletin Aug. 1985: p. 12Longman, Phillip J. Bait and switch on Social

Security: it wasn t created as insurance, but now everybody thinks it is. U.S. News and World Report 20 Apr. 1998: p. 26Lopez, Eduard A. Deja views: the Social Security debate of 1937. The New Republic 22 Apr. 1991: p. 20(3)Mitchell, Donn. Against Privatization: The Genius of Social Security The Christian Century 23 Sept. 1998: p. 860(4)Schottland, Charles T. Major Developments in Social Security during 1954-58 Social Security Bulletin Aug. 1985: p. 19 Social Security: Clinton s Plan is right on the money Business Week Feb 15 1999: p. 22 Bankruptcy of Social Security Delayed CNN Interactive n. pag. Online. Internet. 30 Mar 1999. Available http://cnn.com/ALLPOLITICS/stories/1999/03/30/retirement.programs/index.html