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Economics: The American Government - Example Papers

Economics: The American Government



Most of the problems of the United states are related to the economy. One of the
major issues facing the country today is social security.
The United States was one of the last major industrialized nations to establish
a social security system. In 1911, Wisconsin passed the first state workers
compensation law to be held constitutional. At that time, most Americans
believed the government should not have to care for the aged, disabled or needy.
But such attitudes changed during the Great Depression in the 1930's.

In 1935, Congress passed the Social Security Act. This law became the basis of
the U.S. social insurance system. It provided cash benefits to only retired
workers in commerce or ...

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a degree of economic security. Social security also
called social insurance (Robertson p. 33), provides cash payments to help
replace income lost as a result of retirement, unemployment, disability, or
death. The program also helps pay the cost of medical care for people age 65 or
older and for some disabled workers. About one-sixth of the people in the United
States receive social security benefits.

People become eligible to receive benefits by working in a certain period in a
job covered by social security. Employers and workers finance the program
through payroll taxes. Participation in the social security system is required
for about 95 percent of all U.S. workers. Social security differs from public
assistance. Social security pays benefits to individuals, and their families,
largely on the basis of work histories. Public assistance, or welfare, aids the
needy, regardless of their work records. All industrialized countries as well as
many developing nations have a social ...

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living out their
retirement years in fear of poverty.

Therefore, the social security payroll tax has been used to provide benefits to
those who otherwise would have little means of support, and as of this writing,
there has never been a year when Social Security benefits were not paid due to
lack of Social Security income. (Boskin p.122) PAYING
OUT BENEFITS Social
Security benefits increased 142% in the period between 1950-1972. not only the
elderly, but many of the survivers, the widows and children, of those who paid
into the Social Security system, have received social security checks. These
checks have paid for the food shelters, and in many instances the college
education ...

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PAPER DETAILS
Added: 5/10/2008 09:23:07 AM
Category: Economics
Type: Premium Paper
Words: 2158
Pages: 8

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