The Social Security System, created in 1935, is the one of the most costly items in the federal budget today. The program was created to provide old age, survivors’ and disability insurance to a large portion of Americans, mostly the elderly who are now out of the work force. “The Social Security Act was a major turning point in American history.” (Lubove 176). Current workers and their employers finance the Social Security system by paying taxes forced on them by the federal government. The organization was created by then president Franklin Delano Roosevelt, who appointed an Executive Committee on Economic Security. It was signed into law on August 14, 1935. The new act created a social insurance program that was designed to pay any retired workers at the age of 65 or older an income after they had retired from the work force. However, the Social Security System, at this time, is nearing its collapse due to a shortage of revenues for everyone who needs Social Security. Several people have predicted that these resources will be completely used up by the year 2029, unless actions are taken to rearrange the system. (Posner) Fortunately, Social Security can be improved to bett

From its establishment, the Social Security System has contained a number of problems. However, the errors that the Social Security System does contain can be fixed, as the most important problem is that the Social Security System will not be able to pay its recipients their deserved money, much less the future recipients of Social Security. The increase in ones life expectancy is the main source of this problem. When Social Security was first introduced, the age one was eligible to withdraw their funds was far higher than the average life expectance of the time. Therefore, there were few people around long enough to actually draw Social Security benefits. Recently, however, with the retirement of the baby boomers, there will be a huge rise in the number of people who are ready to draw Social Security. The already used up funds will drop further into the negative areas as there is an increasing number of Social Security users. Also, there is an increased cost of living today, and the expensive lifestyle that most Americans are accustomed to living is something that the Social Security System is unable to adjust to. As a result, over time, the system will not receive enough revenues, or be able to give out enough money to support its recipients, unless dire changes are made to the Social Security System soon.

er suit the people and the government that is currently providing social security users with their monthly paychecks. With Such adjustments as Personal Security Accounts, and Personal Investment Plans, as well as various other improvements, the Social Security System may remain intact.

Social Security funding has been an increasingly popular debate topic over the past several years. Largely due to the fact that the Social Security funds are quickly diminishing, and at current rates, the United States government will not be able to support all of its recipients retiring. Through Personal Security Accounts and saving surplus budget money or one of the many other alternatives to the current Social Security System, change will have to be brought about.

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