SURVIVAL OF US SOCIAL SECURITY

Survival of US Social Security in the 21st Century



Survival of US Social Security in the 21st Century

Introduction

The present Social security program of US is not the best system, but it serves the most important purpose of a nation. The social security of US is becoming more common in the 21st century and it is because of the US recession which has shaken the whole US economy. Here, I am addressing the aspect of survival of social security which is being face in US. There are many solutions which have to be implemented to save the social security issues in the US. The various solutions include the private investment solution, increase in payroll taxes and reducing benefits. People in Us are currently suffering from financial losses plus most of them have almost nil savings for their future life. The US government is focusing on reconstructing and reforming their social survival policies which are mentioned earlier and are going to be explained in the preceding debate. The economic pressures and budget burdens is shrinking the US economy, which has made the government realize to change the policies regarding to social security.

. Ageing policies are potentially wide-ranging, encompassing, for example, the areas of pensions and income maintenance, housing and planning, health care, informal and long-term care, and the explicit field of social inclusion (Manza, 2006).

Discussion

Historical Perspective

From the start, US economy has constituted the social security policies and has been given important preferences. During this time, laws were introduced to provide workers with a basic level of protection against the social risks associated with industrial accidents, illness, old age, and invalidity. Schmidt (2005) notes a certain regularity with which such income maintenance policies were adopted. Policies addressing the risk of industrial accidents, introduced ahead of those insuring against loss of employment income related to old age, illness, and invalidity. Schemes designed to provide income at times of unemployment adopts in many US nations somewhat later. Schmidt (2005) argues that this pattern reflects the degree to which social policies represented a break with traditions of economic and political liberalism in the industrializing US of the late 19th and early 20th centuries. Accident insurance schemes appeared to represent the least meaningful departure from radical traditions, since they tend to reflect a traditional view that individuals should assume responsibility for their actions (Dinitto, 2003).

Private Investment Solution

The private investment solution revolves around the issue of gaining more income and by saving their investment. This is also related to the pension plan which the government of US is currently implementing. The private investment solution states that the savings of individual should be invested in stable and less risky projects. Especially the pension funds should be utilized in such a way that it gives maximum return to the pension holder. The US government has a huge amount of monetary value accumulated for the pension holders. This pool amount of money should be invested in projects which will not only lessen the burden of ...