Transcript of 4.05 Program Evaluation
By: Misty Burnett Program Evaluation: Social Security 1. What is the history of the program? 2. Who benefits from this program and how? 3. What is the yearly cost to the American taxpayer? What is the historical cost data? 5. What is the impact of this program on price stability, full employment, and economic growth? 4. What percent of the total federal budget is spent on this program relative to other programs? 6. What is the potential impact beyond the direct payment recipient? (For example, a small business grant could lead to lowering the unemployment rate in a particular area.) 7.What are the professional opinions in support of and against the program? Social security was started in the 1930s by President Franklin D. Roosevelt. It was first used to measure “social insurance” during the Great Depression when poverty rates among senior citizens exceeded 50%. People who retire benefit from this as a supplement to their retirement benefits from their previous employer. The average American taxpayer pays about 6.2% of their income to support social security. Relative to other programs, 22.6% of the total federal budget is spent on social security. Social security does not have a big impact on price stability. However it does have a negative impact on full employment and economic growth. It could possibly allow people who are retired to not have to depend on the welfare system (saving the government some money). People who do not support social security believe that the program will not have sufficient funds when they decide to retire. Some people today are using it as their only source of income after retirement when it is meant to be a supplement to your retirement fund or any benefits from your previous employers. People who support social security are the people who are already retired (or planning to do so). Historical Cost Data: Sources 1. "Social Security." The United States Administration. N.p., n.d. Web. 30 Mar. 2013. <http://www.ssa.gov/>.Full transcript
2. "Social Security - Just Facts." Social Security - Just Facts. N.p., n.d. Web. 30 Mar. 2013. <http://www.justfacts.com/socialsecurity.asp>.
3. "5 Little-known Facts about Social Security." 5 Little-known Facts About Social Security. N.p., n.d. Web. 30 Mar. 2013. <http://www.bankrate.com/finance/retirement/5-little-known-facts-about-social-security-1.aspx>. Should Congress continue to support/fund social security? Yes I think that Congress should continue to support social security. Unfortunately there are some people that rely on social security as their only source of income. If Congress decided to cut off funding for this program, these people would not be able to survive. They would have to turn to other Welfare programs which would still cost the government money. Social security provides a source of income for people who have retired without getting enough benefits from their employer. So I think it is a very helpful program that Congress should continue to fully support and fund.