Social Security And A Brighter Future Essay
Declining pensions and rising health care costs and shrinking home values and savings accounts make Social Security more important than ever before. This paper will focus on the U.S. Social Security system exploring 1.) The principles and history of the U.S. Social Security system, 2.) Issues surrounding the negatives and positives of the system, and 3.) The future of our U.S. Social Security system. It is with all intentions to leave you with an understanding of the role and purpose of Social Security, how it affects you and how to keep Social Security alive.
Principles and History
The Social Security Act first evolved in 1601 from England’s development of “Poor Laws”. These Laws were the first to address the responsibility of the state to provide for the welfare of its people. When the settlers came over to America they had adapted many things from the English, one being the idea behind the “Poor Laws”, which is what led to the Social Security Act that was signed into law by President Roosevelt on August 14th 1935. This act was created to be a social insurance program to pay retired workers age 65 or older a continuing income after retirement. The first beneficiaries who began to receive Social Security benefits in 1945 had only paid into the program for a short time. It wasn’t until 1970 when people had paid into Social Security for their whole working life. Today, Social Security is the largest federal government program.