Social Security Trust Fund

January 31st, 1940, Ida May Fuller received the first Social Security check from the United States government. Since then, the social welfare program that began as part of FDR’s New Deal has grown to be the largest in the United States. In 2014, more the 59 million people received close to $848.5 billion in benefits from the program The SSA estimates that the benefits equate the approximately 40% of the earnings of the recipients. While Social Security does not completely cover living costs of…

Introduction The social safety net in the United States is a complex and varying system. The social safety net in the United States was numerous critics and proponents that try to make the system better or reform the system to fix perceived errors. The two major components of the welfare system in the United States is the Social Security or old age insurance and the Temporary Assistance to Needy Families (TANF). These programs have different perceptions with the American public and those…

and covered services. Medicare Financed Medicare is paid through two trust funds that are held by the…

Social Security: the effects of the Aging American population The Social Security system was enacted in 1935 in response to the Great Depression when millions of Americans were affected by unemployment and poverty. In 1880, the populations of farm and nonfarm workers were about equally balanced, but by 1930, workers in farm occupations accounted for only 21 percent of the workforce. Industrialization created a social problem as Americans became more dependent on wage income and less on family…

Americans rely on some sort of income whether it’s to pay for services or to purchase necessities. The social security administration also was known as the social security board was created by Franklin D. Roosevelt when he signed the Social Security Act on August, 14, 1935 (SSA). Over the years there has been many heated debates on whether Social Security should be privatized. Many people believe Social Security should be privatized, counter arguments are being made that if the program became…

History: The Social Security Act of 1935 was an omnibus bill, containing 11 titles authorizing 7 distinct programs, only 1 of which (Title II) was the program we commonly think of as Social Security (DeWitt, 2010). Social Security Act was signed into law on August 14, 1935. It was thanks to the work of President Franklin D. Roosevelt’s cabinet appointed committee of Economic security that it was created. The act provided families with securities such as unemployment insurance, old-age insurance,…

Local cities and towns had the responsibility of providing economic relief for its own citizens. The poor economic status led to the legislation of the New Deal and the Social Security Act. In hopes to relieve some of the fear of joblessness from workers and to give elderly workers economic relief after retirement. When President Roosevelt ran for office he promised the American citizens a "New Deal" to relieve American suffering…

As the reality of the Social Security systems impending failures under its current construct, there has been a growing agreement throughout the United States’ population and government regarding the need to reform the Social Security system. With the trust fund projected to be depleted in but a few decades from now, it is time the debate progresses beyond generalities and hypotheticals and examination of the implementation of specific proposals for reforming Social Security takes place. In…

delivered to the people with Medicare. The QIO works with Medicare providers on quality improvement and reviews quality concerns to protect beneficiaries and the Medicare Trust Fund. CMS outlines the function of the QIO as followed, improving quality of care for beneficiaries, protecting the integrity of the Medicare Trust Fund by ensuring that Medicare pays only for services and goods that are reasonable and necessary and are provided in the most appropriate setting and lastly protecting the…

and their retirement plans. Workers aged 65 and older tended to be the first to lose their jobs and the last to be rehired during economically difficult times; almost no one had any reliable cash-generating form of retirement security. This crisis brought upon Social Security, and ever since then it has been a huge success the way it has worked and has helped many families. The act involved many different categories; each of them plays a vital role in today’s economy. Looking into today’s…