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4.05 Uncle Sam's Toolbox - Honors
Transcript of 4.05 Uncle Sam's Toolbox - Honors
Social Security Benefits
Social Security is around to help those in need. Many American citizens don't even know where, how, and why social security came to be. So why
social security around?
Signed by Franklin D. Roosevelt in 1935, the Social Security Act was intended to provide relief to many Americans suffering during the great depression; however, the monthly payments were not started until January 1940. In 1956, disability benefits were added. The original law also contained the first national unemployment compensation program, aid to states for various health and welfare programs, and aid to the Dependent Children Program
The retired, disabled, survivors or workers who have passed, dependents of beneficiaries, and the children all benefit from the Social Security Program. If an individual chooses to retire at the full retirement age, they will receive the full retirement amount. If an individual is unable to work because of a disability, they get help from the Social Security Program.
What does it cost?
The average American worker pays 6.2% of their day's wages to the Social Security trust fund, with their employer paying another 7.65% of the company's revenue. Self employed workers pay approximately 12.4% of their earning toward the Social Security Program each year.
What is the impact?
Social Securty balances out the economy on price stability by making workers work until the appropriate retirement age, causing economic stability because they are spending the money that they earned.
What is the potential impact beyond the direct payment recipient?
First, it helps reduce poverty rates among the elderly and disabled. It also stimulates the economy by providing the elderly and disabled with more purchasing power. It also essentially increases the life expectancy by helping them with the finances they need to receive proper medical and helth care.
What are the professional opinions in support of and against the program?
The majority of the American public supports the Social Security. More than 80% of the individuals over the age of 65 agree that social security is one of most important government programs and 90% of people between the ages of 18-29 agree that it is important.
Should Congress continue funding the Social Security Program?
Although the program is beneficial to those who need it, the Social Security trust fund reports massive deficits and benefit cuts, which not only shows a slow down in the economy but also to those who are in need of it. Therefore, if congress continues to fund it, they should only support people who truly need it.