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  • Essay / Social Security Essay - 661

    Social Security, Medicare, and Medicaid are all government programs that provide economic security to people who are retired, unemployed, or unable to work. Social security is provided through payroll taxes called tax under the Self-Employed Contributions Act and tax under the Federal Insurance Contributions Act. The tax is collected by the Internal Revenue Service and is distributed to retirees, the unemployed, and people unable to hold jobs. Almost everyone who receives a salary as income is taxed by FICA and/or SECA. Almost all legal U.S. citizens working in the United States now have their own Social Security number. Nearly all working residents, since Social Security's inception in 1935, have had a Social Security number required to find a job or pay the IRS. Social Security began during President Franklin Delano Roosevelt's first term as a tool to enforce "social insurance." "during the Great Depression of the 1930s, when the poverty rate among the elderly exceeded 50 percent. The law was an effort to limit the unexpected and unsuspected dangers in life today: including old age, disability, poverty , unemployment, and the burden of widowers with or without children President Roosevelt's opponents, however, recognized that this law was that of socialism. Title II of the original Social Security Act of 1935 established a national arrangement intended to grant a. economic protection to the country's workforce The system put in place provided reimbursement to those aged 65 or over and who had "earned" retirement benefits by working in jobs covered by the system. were to be funded by a payroll tax paid by employees and their employers on wages up to a certain amount Monthly benefits that we... middle of paper ... for what they would have to pay. They achieved this by borrowing too much money from taxes paid by working-class American citizens. The other thing is that there is a huge generational difference in the population; the money paid out doesn't support everyone, so they borrow money from the taxes we pay to pay social security recipients. The big problem is that we are now paying for something that we hope to have, but will probably never get a single cent of it. Overall, the system was designed to provide economic security, but has in turn turned into a disaster with money being taken from revenues. this will probably never be seen by those who pay for it. Taxes paid by donors increase slowly and become more complex with new profits very quickly. The law says that when we are taxed, the government is legally violating our property..