U.S. Social Security Program (Essay Sample)

U.S. Social Security Program
Student’s Name
Institutional Affiliation
Course
Instructor
Date
Abstract
The U.S. Social Security program was established in 1935 to provide benefits for workers in their old age. It also created unemployment insurance and survivors’ benefits in case of workers’ death. The program relied on contributions from workers’ wages and employers’ payrolls. The original design capitalized on old age assistance grants and benefits. Due to its initial shortcomings, the program was expanded in 1939 to cover more people. Instead of benefitting only the workers’ retirement, it was extended to benefit their children and wives. Financing stood out as a severe challenge that affected the program. While President Roosevelt called for a reserve fund, critics termed it unconstitutional. The 1983 amendments were made by considering social security reforms. Congress was instructed to avoid altering the Social Security Program’s structure. The program’s efficiency can be achieved by increasing benefits for individuals who rely on social security after retirement. Reducing the benefits for high-income earners is necessary because they have numerous income-generating activities.
U.S. Social Security Program
Social security is a protection that a society issues to its members using public measures to counter economic and social distresses. The U.S. Social Security program protects Americans against the loss of earnings arising due to disability, retirement, and death. The benefit payment is based on the amount of money earned during an individual’s career. The program