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4.05 Uncle Sam's Tool Box Honors

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by

Precious Cesario

on 19 November 2013

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Transcript of 4.05 Uncle Sam's Tool Box Honors

4.05 Uncle Sam's Tool Box Honors
by Precious K. Cesario

History of the program
Social Security was created to collect taxes from employees and became a requirement for all workers to pay taxes. This began in the 1930's while the Great Depression had come up. Franklin D. Roosevelt created this program as a "social insurance".
Program Benefits? How would one benefit?
Those who retire benefit well from this program as a supplement, to be helped from their recent employer. Also, the tax money is used to pay for any of those with disabilities or for medical reasons.
Yearly cost of American tax payer and the cost data?
The average American tax payer pays about 6.2% income to support Social Security.
What percentage of total federal budget is spent on this program relative to the others?
About 22.6% of the federal budget is spent on Social Security.
What is the impact of this program on price stability, full employment, and economic growth?
Social Security has a negative impact on economic growth and employment but not on price stability.
What is the potential impact beyond the direct payment recipient?
The potential impact could be positive, helping a recipient who is retired not have to pay welfare, which could be very expensive.
What are the professional opinions in support of and against the program?
Those that support social security actually believe that it is a helping hand to everyone that is employed. For these people, it is a source of income for retirement. Those who do not support feel that there is no sufficient source or usage of it and that it won't help much with retirment.
Should Congress support Social Security? Why?
Yes, I believe that the government should continue to support the Social Security program. Social Security provides income for just about everyone and it saves government money, rather than those that don't have to Social Security and turn to Welfare, whcih costs the government a chucnk of their money.
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