Since 1935 Social Security has been the foundation of economic security for America’s workers, retirees and their families. This fundamental program provides benefits for million of people, including retirees, disabled workers and the families of deceased workers. Social Security is a financially sound program, with a current surplus of billions a year. Moreover Medicare is a social insurance program that has provided guaranteed health insurance to millions of older and disabled Americans since it was established in 1965. The social Security started as an anti-poverty program created to alleviate the impact of the Great Depression during the 1930s. President Franklin D. Roosevelt declared to the Congress his intentions to create a program for Social Security on June 8, 1934. The Social Security Act was signed on August 14, 1935, it was a social insurance intended to pay retired workers age 65 an older an ongoing income after retirement. The program began paying pension benefits in 1937. More than 35 million Social Security Cards were issued during 1936 and 1937 (2Facts 2-3).
In 1939 two new categories were added to the Social Security. Since the original act only covered retirement benefits to workers; the 1939 Amendments benefit with payments to the spouse and minor children of the retired worker called the dependents benefits and in the case of premature death of the worker the survivor benefits were paid to the family. There were no changes in Social Security until 1950. Benefits were very low so that during that year major amendments were created in order to raised the benefits and make this program on the way to the extended coverage that has today. Moreover, is hard to look at Social Security without looking at the annual increases in benefits called Cost-of-Living Adjustments (COLAs) to balance the effects of inflation on fixed incomes that the Congress legislated in 1950 to a 77% when ever they considered necessary. But in 1972 the law changed to an automatic COLAs increase based in changes on the annual consumer prices (ssa 4).
Social Security had faced many financial problems since its creation. To comprehend the problems of this system is important to know that Social Security is a “pay-as-you-go” program that works fine if there are enough workers to maintain the program going because Social Security is financed by the payroll taxes deducted from workers in order to paid remunerations to retirees. The most serious problem is the aging of about 76 million people called “baby boomers” born between 1946 and 1964 and the lowest level of birthrate ever. These “baby boomers” are about to become entitled for Social Security benefits putting in high financial risk the complexity of Social Security system because there will be less people paying taxes to support the retirees. In addition, people are living longer than the average life expectancy people had when Social Security was created, as a result today’s retirees are receiving benefits for more years after they stop working. Due to all this financial problems the Congress passed a law in 1983 to augment the payroll tax rate and increase the eligibility age of receiving benefits. To the little relief of the Social Security the amendments passed in 1983 had created a surplus, collecting more payroll taxes than giving away benefits so the additional money is been saved in more Treasury Bonds generating $44 billion in interests to the trust fund (2Facts 2-4; LeRoy 122).
According to Roger LeRoy Miller the Social Security Trust Fund is not trustable because the money from payroll taxes collected in the beginning of the program were taken by the U.S. Treasury in the form of bonds so that the surplus will end up in benefits exceeding tax receipts by the time the baby boomers approach to retirement and the system will have to sell the bonds in order to paid the difference.
In 1999 in the State of the Union Address, President Bill Clinton came up with the proposal to save the Social Security System that it is heading to bankruptcy. Clinton originally idea was to invest part of the revenues of the program in the stock market. Clinton proposed to increase the return by having the government invest some of the trust fund in the private sector. An independent board would supposedly make sure that decisions were not made on a political basis but with this much money to play with; the government could hardly fail to distort capital markets (2Facts 2). But even if Social Security’s financial difficulties could be fixed by raising taxes or cutting benefits, the system would still need to be reformed because it is a bad deal for most Americans. Social Security simply costs too much and pays too little.
The Federal Insurance Contributions Act (FICA) is often used to named the Social Security payroll tax. The FICA is often pay half by the worker and the other half by the worker’s employer. As of today the FICA rate is 12.4 percent. Every Social Security number is used to follow every person’s FICA contributions.
In the other hand when President Franklin D. Roosevelt created Social Security he decided not to include health care in the program. Medicare was included into a national health insurance bill introduced in the Congress in 1943. In 1945 President Harry Truman said to Congress that every American should have “the right to adequate medical care, the opportunity to achieve and enjoy good health… and the right to adequate protection from the economic fears of… sickness.” But the bill that formed Medicare and Medicaid was signed for President Lyndon B. Johnson in July 30, 1965 (2Facts 7).
Medicare is a program under the U.S. Social Security Administration that reimburses hospitals and physicians for medical care provided to qualifying people over 65 years old. Medicaid is a program that provides low income families, elderly, and people with disabilities with health care services. Large portions of the Federal budget it has been used since the programs started. Medicare has made a remarkable contribution to the American health care system by providing steady source of payment for a large segment of the population that has significant health care needs. Medicare payments system have been a model for others insurance carriers in the United States. The program since its creation has established well-built standards for the quality of hospitals, nursing homes, and home health care agencies. Medicaid is a great program serving many different vulnerable population groups with health care needs. For the elderly covers the cost of nursing homes care; for new mother’s covers the cost of childbirth; for the disable people covers the total cost of special equipments and personal attendants services. (2Facts 7-9; Medicare 1-2).
Since the creation of these two programs Medicare and Medicaid have provided more than 93 million elderly and disabled Americans. Today Medicare serves 37 million elderly and grows at a rate of 9.9% annually. Medicaid has provided health care to more than 36 million poor people, elderly and disabled one in every 10 Americans.
Bibliography:
“SSA” A Brief History of Social Security. Home Page. February 10, 2003. http://www.ssa.gov/history/reports/briefhistory.html
“2Facts” Social Security Reform, Medicare and Medicaid. February 12, 2003.
Medicare. What is Medicare?. February 10,2003. .
LeRoy Miller, Roger. Economics Today: The Macro View. Boston: Pearson Education, 2003.
Get Professional Assignment Help Cheaply
Are you busy and do not have time to handle your assignment? Are you scared that your paper will not make the grade? Do you have responsibilities that may hinder you from turning in your assignment on time? Are you tired and can barely handle your assignment? Are your grades inconsistent?
Whichever your reason is, it is valid! You can get professional academic help from our service at affordable rates. We have a team of professional academic writers who can handle all your assignments.
Why Choose Our Academic Writing Service?
- Plagiarism free papers
- Timely delivery
- Any deadline
- Skilled, Experienced Native English Writers
- Subject-relevant academic writer
- Adherence to paper instructions
- Ability to tackle bulk assignments
- Reasonable prices
- 24/7 Customer Support
- Get superb grades consistently
Online Academic Help With Different Subjects
Literature
Students barely have time to read. We got you! Have your literature essay or book review written without having the hassle of reading the book. You can get your literature paper custom-written for you by our literature specialists.
Finance
Do you struggle with finance? No need to torture yourself if finance is not your cup of tea. You can order your finance paper from our academic writing service and get 100% original work from competent finance experts.
Computer science
Computer science is a tough subject. Fortunately, our computer science experts are up to the match. No need to stress and have sleepless nights. Our academic writers will tackle all your computer science assignments and deliver them on time. Let us handle all your python, java, ruby, JavaScript, php , C+ assignments!
Psychology
While psychology may be an interesting subject, you may lack sufficient time to handle your assignments. Don’t despair; by using our academic writing service, you can be assured of perfect grades. Moreover, your grades will be consistent.
Engineering
Engineering is quite a demanding subject. Students face a lot of pressure and barely have enough time to do what they love to do. Our academic writing service got you covered! Our engineering specialists follow the paper instructions and ensure timely delivery of the paper.
Nursing
In the nursing course, you may have difficulties with literature reviews, annotated bibliographies, critical essays, and other assignments. Our nursing assignment writers will offer you professional nursing paper help at low prices.
Sociology
Truth be told, sociology papers can be quite exhausting. Our academic writing service relieves you of fatigue, pressure, and stress. You can relax and have peace of mind as our academic writers handle your sociology assignment.
Business
We take pride in having some of the best business writers in the industry. Our business writers have a lot of experience in the field. They are reliable, and you can be assured of a high-grade paper. They are able to handle business papers of any subject, length, deadline, and difficulty!
Statistics
We boast of having some of the most experienced statistics experts in the industry. Our statistics experts have diverse skills, expertise, and knowledge to handle any kind of assignment. They have access to all kinds of software to get your assignment done.
Law
Writing a law essay may prove to be an insurmountable obstacle, especially when you need to know the peculiarities of the legislative framework. Take advantage of our top-notch law specialists and get superb grades and 100% satisfaction.
What discipline/subjects do you deal in?
We have highlighted some of the most popular subjects we handle above. Those are just a tip of the iceberg. We deal in all academic disciplines since our writers are as diverse. They have been drawn from across all disciplines, and orders are assigned to those writers believed to be the best in the field. In a nutshell, there is no task we cannot handle; all you need to do is place your order with us. As long as your instructions are clear, just trust we shall deliver irrespective of the discipline.
Are your writers competent enough to handle my paper?
Our essay writers are graduates with bachelor's, masters, Ph.D., and doctorate degrees in various subjects. The minimum requirement to be an essay writer with our essay writing service is to have a college degree. All our academic writers have a minimum of two years of academic writing. We have a stringent recruitment process to ensure that we get only the most competent essay writers in the industry. We also ensure that the writers are handsomely compensated for their value. The majority of our writers are native English speakers. As such, the fluency of language and grammar is impeccable.
What if I don’t like the paper?
There is a very low likelihood that you won’t like the paper.
Reasons being:
- When assigning your order, we match the paper’s discipline with the writer’s field/specialization. Since all our writers are graduates, we match the paper’s subject with the field the writer studied. For instance, if it’s a nursing paper, only a nursing graduate and writer will handle it. Furthermore, all our writers have academic writing experience and top-notch research skills.
- We have a quality assurance that reviews the paper before it gets to you. As such, we ensure that you get a paper that meets the required standard and will most definitely make the grade.
In the event that you don’t like your paper:
- The writer will revise the paper up to your pleasing. You have unlimited revisions. You simply need to highlight what specifically you don’t like about the paper, and the writer will make the amendments. The paper will be revised until you are satisfied. Revisions are free of charge
- We will have a different writer write the paper from scratch.
- Last resort, if the above does not work, we will refund your money.
Will the professor find out I didn’t write the paper myself?
Not at all. All papers are written from scratch. There is no way your tutor or instructor will realize that you did not write the paper yourself. In fact, we recommend using our assignment help services for consistent results.
What if the paper is plagiarized?
We check all papers for plagiarism before we submit them. We use powerful plagiarism checking software such as SafeAssign, LopesWrite, and Turnitin. We also upload the plagiarism report so that you can review it. We understand that plagiarism is academic suicide. We would not take the risk of submitting plagiarized work and jeopardize your academic journey. Furthermore, we do not sell or use prewritten papers, and each paper is written from scratch.
When will I get my paper?
You determine when you get the paper by setting the deadline when placing the order. All papers are delivered within the deadline. We are well aware that we operate in a time-sensitive industry. As such, we have laid out strategies to ensure that the client receives the paper on time and they never miss the deadline. We understand that papers that are submitted late have some points deducted. We do not want you to miss any points due to late submission. We work on beating deadlines by huge margins in order to ensure that you have ample time to review the paper before you submit it.
Will anyone find out that I used your services?
We have a privacy and confidentiality policy that guides our work. We NEVER share any customer information with third parties. Noone will ever know that you used our assignment help services. It’s only between you and us. We are bound by our policies to protect the customer’s identity and information. All your information, such as your names, phone number, email, order information, and so on, are protected. We have robust security systems that ensure that your data is protected. Hacking our systems is close to impossible, and it has never happened.
How our Assignment Help Service Works
1. Place an order
You fill all the paper instructions in the order form. Make sure you include all the helpful materials so that our academic writers can deliver the perfect paper. It will also help to eliminate unnecessary revisions.
2. Pay for the order
Proceed to pay for the paper so that it can be assigned to one of our expert academic writers. The paper subject is matched with the writer’s area of specialization.
3. Track the progress
You communicate with the writer and know about the progress of the paper. The client can ask the writer for drafts of the paper. The client can upload extra material and include additional instructions from the lecturer. Receive a paper.
4. Download the paper
The paper is sent to your email and uploaded to your personal account. You also get a plagiarism report attached to your paper.
PLACE THIS ORDER OR A SIMILAR ORDER WITH US TODAY AND GET A PERFECT SCORE!!!
