Social Security System Concerns
The elderly population in the United
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The elderly population in the United States is growing in number as people live longer and as the baby-boom generation reaches old age, and yet this older generation may have a more precarious existence than has been true in recent decades for that population. There has been much rightful concern about the elderly in America in an era in which the extended family no longer holds sway so that the elderly are more often completely on their own. Another concern has been related to the so-called entitlements in the federal budget--Social Security, Medicare, Medicaid, and welfare--and the impact a reduction, either by design or because the system is not secure, will have on the elderly. Some see the system as politically untouchable, while others consider ways to reform the system and reduce the costs. Efforts to change the system are based on the view that without change, the system will disintegrate and serve no one. The concern is that as the population ages, the burden on younger people to maintain the system will become too great, and the system will malfunction. An analysis of the issue will lead to a consideration of three options and which might best serve the needs of the nation. The three options are as follows:M Option 1: Patch up Social Security in its current form with a combination of tax increases and benefit reduction. M Option 2: Replace the current Social Security system with a new system that relies primarily on IRAs.
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lacement with welfare considerations through SSI and similar programs (The Academic American Encyclopedia online edition).
NEED FOR CHANGE
The issue of what to do about different aspects of Social Security has been a thorny one for some time, and a number of groups have become involved in trying to create a system that would be fair without going bankrupt. The Social Security system is funded by taxes paid into it by those working today, while the money that goes out is paid to retirees who no longer work. In the past, this has worked effectively because the number of retirees did not exceed a certain number and the people paying in could support it. Today, those paying in will likely never see a return on that money when they get older because there are more and more people collecting benefits and fewer people paying them into the system in the first place, at least in relative terms.
The Progressive Policy Institute, of which Clinton was a member for several years, has made several recommendations in this area. The Institute has said that spending reforms in entitlement programs are a must if we are to balance the budget and reduce the deficit. The Institute states that the first aspect of this reform should focus on th
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Some common words found in the essay are:
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Approximate Word count = 3995
Approximate Pages = 16 (250 words per page)
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The elderly population in the United
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