Social
security is a major U.S government issue for the following reason: How can the
government continue to provide entitled social security for all senior citizens
without damaging future generation’s benefits? This has been a heated concern
in recent years because according to USA Today, there is more money coming out
of social security than there is being put into the system. Another concern has
been whether or not the current structure of the system will be able to support
the massive Baby Boom generation. The economy’s sudden increase in disability
claims is definitely not helping the matter either according to the U.S social
security administration. The potential harm to future generations is clear
after looking at all of these outstanding issues.
President Barack Obama did provide a one-time payment of $250 to all retirees, other Social Security beneficiaries, disabled veterans, and SSI recipients in his Recovery Act of 2009. Although Max Richtman argues there is no social security crisis and that social security will be able to provide benefits until 2033 without an issue, I believe President Obama made a smart move in increasing funding to entitlement programs (such as social security) by $787 billion in 2009 and to $840 billion later on in 2011. Last year the reports of social security averaged to year 2036; however, with the disability program aiding more than 11 million Americans, year 2033 seems more realistic. Without the Recovery Act’s added help, social security benefits could of gone down the drain a lot sooner than politicians estimate (current estimates at year 2033 with providing only ¾ of full benefits- Serena Marshall), and these estimates are not including the fear of the Baby Boom generation collecting: rights they are entitled to.
My opinion on social security is rather contradicting: on one hand I believe strongly that the system is destined to fail because of the abundance of disabilities citizens can claim to get added benefits, and yet on the other hand, I also strongly believe workers are entitled to those rights of claiming their disabilities. Senior citizens need social security benefits in order to pay for things such as medical bills and as an added bonus, their contributions to the economy are healthy; however, with 38 million retires receiving these benefits, there is simply not enough money to go around. There are a few possible solutions to this situation: Raising the age of retirement (as Mitt Romney suggests) and continuing Obama’s plan of workers creating retirement funds. Whatever the solution may be, lets hope our economy finds it quickly and begins to change this trend of declining social security. Every citizen that contributes to social security is entitled to benefits after they retire, which might have to be a tad later than hoped for, but at least with this method they will receive their long awaited benefits.
President Barack Obama did provide a one-time payment of $250 to all retirees, other Social Security beneficiaries, disabled veterans, and SSI recipients in his Recovery Act of 2009. Although Max Richtman argues there is no social security crisis and that social security will be able to provide benefits until 2033 without an issue, I believe President Obama made a smart move in increasing funding to entitlement programs (such as social security) by $787 billion in 2009 and to $840 billion later on in 2011. Last year the reports of social security averaged to year 2036; however, with the disability program aiding more than 11 million Americans, year 2033 seems more realistic. Without the Recovery Act’s added help, social security benefits could of gone down the drain a lot sooner than politicians estimate (current estimates at year 2033 with providing only ¾ of full benefits- Serena Marshall), and these estimates are not including the fear of the Baby Boom generation collecting: rights they are entitled to.
My opinion on social security is rather contradicting: on one hand I believe strongly that the system is destined to fail because of the abundance of disabilities citizens can claim to get added benefits, and yet on the other hand, I also strongly believe workers are entitled to those rights of claiming their disabilities. Senior citizens need social security benefits in order to pay for things such as medical bills and as an added bonus, their contributions to the economy are healthy; however, with 38 million retires receiving these benefits, there is simply not enough money to go around. There are a few possible solutions to this situation: Raising the age of retirement (as Mitt Romney suggests) and continuing Obama’s plan of workers creating retirement funds. Whatever the solution may be, lets hope our economy finds it quickly and begins to change this trend of declining social security. Every citizen that contributes to social security is entitled to benefits after they retire, which might have to be a tad later than hoped for, but at least with this method they will receive their long awaited benefits.
CitedSources: http://www.whitehouse.gov/issues/seniors-and-social-security
http://www.usatoday.com/news/opinion/editorials/story/2012-04-26/Social-Security-trustees-report/54562718/1
http://www.ssa.gov/policy/docs/chartbooks/disability_trends/sect01.html
http://www.usatoday.com/news/opinion/editorials/story/2012-04-26/Social-Security-trustees-report/54562718/1
http://www.ssa.gov/policy/docs/chartbooks/disability_trends/sect01.html
http://.recovery.gov/about/pages/the_act.aspx
http://abcnews.go.com/blogs/politics/2012/04/social-security-and-medicare-could-run-out-sooner-than-expected
http://abcnews.go.com/blogs/politics/2012/04/social-security-and-medicare-could-run-out-sooner-than-expected
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