Saving Social Security - The Future Of A Historical Piece Of Legislation

Social security and its future are one of the mostabout 12 years, it is currently 18 years. This
controversial issues discussed in politics today,increase in average life span is one of the major
with many different views and outlooks takingfactors contributing to the uncertainty of the
center stage. The law that was designed byfuture of Social Security.
Franklin D. Roosevelt to protect the elderly andAnother factor is the retirement of the baby
provide services and compensation to them inboomer's. The fifties and early sixties saw a huge
retirement finds itself in a completely differentincrease in reproduction, and it is these offspring
context today than it was seventy years ago.who will be retiring beginning in the next several
Yet, change is nothing new-it is a daily occurrenceyears. At the same time that Social Security will
that has affected social security before, and thatneed to accommodate more retirees, the amount
will continue to affect social security in the future.of people paying taxes on Social Security will
Understanding both sides of the issue of socialdecrease from 3.3 people per retiree today to 2.1
security is vital to ensuring a positive future forpeople per retiree in 2032. It is the combination of
this country.these problems that is causing the panic regarding
Briefings On The BeginningSocial Security's future.
The beginnings of social security can be tracedSolving The Problem
back to the tragedy of the nineteen thirties-theThere are many solutions being discussed
Great Depression. It was passed as part of theregarding the Social Security program, and each
New Deal, and was very controversial at the timeof them would mean a trade off for Americans.
because it was believed that it would lead to aTwo of the solutions are somewhat obvious:
loss of jobs. Yet, the program prevailed. Payrollincrease the payroll tax, and decrease the amount
taxes were first collected in 1937, and retirementof services provided to beneficiaries. These
benefits were paid that same year.solutions would have obvious ramifications, and
Changes Throughout The Yearsmight only cause more problems for the future of
The Social Security Act has proven to be a verySocial Security than they would solve.
flexible program, as it has been altered andAnother possible solution is to allow for early
changed several times over the years. This is notinvestment in Social Security in the form of a "pre
surprising when taking into consideration thefunding" voluntary Social Security savings account.
dramatic changes that have occurred in theAlthough workers are currently unable to
workforce since its original implementation. Thecontribute to their Social Security funds before
act was expanded in 1939 to encompass farmersthey retire, this proposal would allow them to do
and to provide benefits to spouses. Medicare wasso. Critics say this plan would be expensive to
added in the 1960s. More changes were made inmanage, and it would be risky for beneficiaries as
the seventies and eighties. If it was changed inwell.
the past, what is stopping it from being changedA Middle Ground
to meet the needs of the future?Just as with any important issue, it would be
The Problem Of Peoplenearly impossible to find a solution that would
Currently, 163 million workers are earning Socialplease everyone. Yet, the past of Social Security
Security protection, and Social Security providesgives some hope for its future. If Social Security
benefits to about 50 million people. The futurewas fluid enough to be changed in the past, then
problems associated with Social Security revolvewe can have faith that it will be strong enough to
around changing demographics. While the averagehandle any future changes.
remaining life span of a 65 year old in 1935 was