Social Security Reform

Macroeconomics ECO252 28 Feb 2001 affectionate certificate Reform The term friendly bail was first used in the U. S. by, Abraham Epstein, in touch base with his group, the American Association for mixer guarantor. The Social bail baffle of 1935 was origin aloney named the Economic Security Act, but this title was changed during congressional consideration of the bill. Social Security is a family protection protrude and a retirement chopine that provides benefits to spouses and dependent children of wage earners who get at or become disabled during their working lives, workers who become disabled, hold up spouses aged 60 and everywhere, and surviving spouses aged 50 and over who ar disabled. The Social Security Act also contains Medicare, which provides health insurance protection for the elderly and disabled. All the Social Security features together are part of a reasonable well-disposed and political agreement to guarantee some minimum income and well ness benefits to everyone in out society, regardless of economic circumstances. More than 139 gazillion workers stand 6.2 percent of their earnings, up to a maximum of $80,400 in 2001, to parentage Social Security. These workers finance the program through a payroll tax that is levied under the Federal Insurance and Self-Employment share Acts. The revenues are deposited in two trust funds, which pay benefits and the operate expenses of the program.

unneeded monies are invested in interest-bearing securities guaranteed by the U.S. Government. Social Security is and important source of retirement income for almost eve ryone; three in five beneficiaries aged 65! or sure-enough(a) rely on it for at least half of their income. The Social Security program paid out over $5.896 cardinal in immediate payment benefits from 1937 (when the first payments were made) through 1999. The Social Security benefit normal is designed so that if you have norm earnings all through your working life and retire... If you unavoidableness to get a expert essay, order it on our website: OrderCustomPaper.com

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