The Social Security Crisis Essay Research Paper

8 August 2017

The Social Security Crisis Essay, Research Paper

The Social Security Crisis

The Presidential election will be coming up this November and the

inquiry that many of Americans have on their head is what are you traveling to

about the Social Security crisis? This inquiry has our state divided between

coevalss. The older people of our state ( ages 50 and up ) fell confident that

Social Security will be at that place for them and that it should be left entirely. On the

other manus the Baby Boomers ( ages 31-49 ) and Generation X ( ages 18-30 ) deficiency this

assurance fearing that they will ne’er have Social Security, and the money

they put in would be a waste. Many politicians are afraid to touch this issue

because the senior still do a big figure of the vote block. Speaking as a

member it is our responsibility to vote for alteration in Social Security to guarantee we will

hold something to look frontward to when we retire. We can non wait any longer to

licking this crisis.

For those who don & # 8217 ; t cognize the Social Security crisis is the menace that

Social Security may travel insolvent. Well its more than merely a menace its the

world. The common belief is that Social Security is a SA

ving fund where the

authorities takes a certain per centum out of our hebdomadal wage. Then that money is

put into a nest egg fund where it is held until you retire. When they retire

money is returned to them in monthly cheques plus the involvement. This is where

they are incorrect. Social Security is a pay-as-you-go system where the current

work force wages for the present retired persons, and so when they retire they will

depend on the work force and so on and so on. Which is all right when you ever have

more workers so retirees. This is the job the authorities will confront when

the Baby Boomers retire in the twelvemonth 2010. In 1950 there were 7.2 workers for

each retired person. Today there are 3.2 workers for every retired person, an by the twelvemonth

2020 there will merely be 2.4 or less for each retired person. By the twelvemonth 2010-2015

Social Security is projected by the authorities to pay out more money than it

could take in. Since the current Social Security took in a excess of $ 60

billion last twelvemonth with a jutting sum to be around $ 5 trillion they will hold

adequate money to last another 10 old ages or so. All in all experts expect that

Social Security will hold spent every penny it has by the twelvemonth 2030

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