The Future of Social Security (Essay Sample)

The future of social security
[Name]
[Instructor]
Social Security provides a retirement safety ground for nine out of ten retirees in America. That means almost 90 percent of Americans are counting on the program as an important resource for survival when they retire. Whoever this might not be the case if the recent statistics regarding the financial sustainability of the program are to go by. It is estimated that social security faces a possible financial shortfall by the year 2034 for the retirement program and 2016 for the disability program. These are the two main trust funds in America. The potential insolvency of these programs means that they will not be able to offer full benefits to their beneficiaries if a quick solution is not provided. This research have been conducted by the trustees report (Fichtner, 2014)
The disability funds face an urgent crisis as the research shows that it might be insolvent by 2016. There has been a proposal to reallocate tax revenues meant for the retirement programs to support the disability program. This seems like robbing from one person and paying to another (Fichtner, 2014). The best way to go about this issue in my opinion is allowing the disability fund to loan from the retirement fund. This can work if the disability fund will pay back that money in full and at an interest rate that any borrowed money will accumulate if it stayed in the retirement fund. Such inter-fund borrowing worked before like in 1982 when the retirement trust fund borrowed from the disability fund to enable them me...