Social Security Effects in the U.S.A
The federal government of the United States of America operates a social security plan, which obliges employees to make regular disbursements to a government reserve.Social security benefits are significant because they provide a continuation of financial assurance for an individual or family when regular income is no longer available. The social insurance program reduces poverty and protects the unemployed against inflation of the economy and financial market. Citizens who are incapable of working due to old age, disability, and retirement receive these payments. Children and spouses of deceased workers also benefit from the social security scheme, guaranteeing them economic wellbeing (Worth 3).
Slow salary growth, high rates of unemployment, birth rates, and a decrease in life expectancy are among factors likely to affect social security plans in the future (Worth 126). If I had government power, I would propose an increase in the social security tax to sustain the welfare program, in addition to removing the wages cap to ensure the wealthy contribute more into the social fund. Reducing payouts by at least 15% would warrant more people receive benefits for a more extended period. I would propose an assessment to abolish welfare payouts to American citizens who have taken up personal insurance to save for their retirement, hence assisting those who solely rely on the Government social fund.
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