The Social Security Act was signed into law on August 14, 1935 by President Roosevelt.
Social Security is the base of economic security for Americans who are retired, disabled, and for families of retired, disabled, or deceased workers. Currently the Social Security tax rate is 12.4% in the United States. However, only 6.2% comes out of your paycheck and the other 6.2% is paid by your employer. THESIS: Social Security is the most beneficial retirement program for Americans today. Argument 1:Without Social Security, many retired and disabled americans would have to live in poverty.
If we did not have social security more than fifteen million retirees would have an income level below the poverty line. After the US Government implemented Social Security, only about four million retirees had incomes below the poverty line. Many americans are uneducated on how Social Security operates and how it will benefit you more than any other retirement investment.
Argument 2:Social Security is cheap and the cost has steadily decreased since 1957. Most other companies require twice the payment and are less efficient. Social Security is the only government sponsored inflation retirement program that is guaranteed in life.
Senator Tom Harkin proposed a program called “The Strengthen Social Security Act of 2013.” This program in short would increase the benefits and improve the funding for Social Security.Argument 3:Most americans are not saving enough for retirement and the only safety net is Social Security. In the US today, more than half of americans hold less than $10,000 in the bank for retirement. About ten million Americans rely on social security for more than half their income and about twenty million Americans Social Security is half their income. Social Security is the difference between being able to pay your bills and living on the street. Conclusion: Social Security has been one of the most beneficial and successful programs through the federal government.
Unfortunately the slowdown in the economy paired with aging of the United States population threatens the stability of the Social Security system. Reforms must be implemented to save current retirees and future retirees. By educating americans on how social security is important and by making reforms we can improve Social Security in the future.