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Social Security System Concerns The elderly population in the United

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.

M Option 3: Create a permanent trust fund under government management for this purpose.

Concerns about the Social Security system have been growing in recent years with the perception that the system may be failing so that when the currently younger generations get older, the system will not have money for their old age but will be bankrupt. The danger is evident first in the size of the entitlement system:

Entitlement payments on Social Security, Medicaid, and Medicare now exceed...

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Social Security System Concerns The elderly population in the United. (1969, December 31). In LotsofEssays.com. Retrieved 22:26, March 28, 2024, from https://www.lotsofessays.com/viewpaper/1684553.html