The Privatization of Social Security essays

The Privatization of Social Security essays Social Security was implemented in 1935 as part of Roosevelt's "New Deal" following the Great Depression and the collapse of the American economy. It was enacted to be a fully funded retirement plan, meaning its benefits are paid out of a fund built up over the years from contributions made by Social Security taxpayers. The program's first step away from this was in 1942 when it began to pay out its first pension. There is a crisis within the program that we speak of today which deals with the impending lack of funds we will have in the near future. It is predicted that the so-called "Social Security trust fund" (a bunch of Treasury Department IOU's, in actuality) will be depleted somewhere around 2027. This is a concern because Social Security has been turned into a pay-as-you-go system. Today, workers outnumber retirees with a ratio of around 3.4:1. iOnce the baby boomer generation begins to retire and causes a reduction in the workforce, the worker to retiree ratio will be close r to 2:1 by 2040. This is distress to our nation because we will not be taking in enough money to pay out the pensions of the retirees. Our government has already tried to reduce the impact of the Social Security problem by raising the percentage of taxes taken out of individuals' paychecks, by raising the maximum level of income taxed, and by raising the retirement age to be 67 in the year 2022. According to Social Security's activists, the most likely picture implies that the payroll tax would need to rise from 12.4% to more than 19% in 2075 to pay future pensions ("Straight Talk"). The chart portrays this situation. This solution and others have not and will not be enough to solve our problems. These are only short-term fixes and the problem reaches far beyond the baby boomers generation. There must be other steps taken and one main possibility is to privatize Social Security, whether in whole or just partially. It is this privatization issue and i...

Benjamin Harrison - The 23rd President of the United States

Benjamin Harrison - The 23rd President of the United States Benjamin Harrison was the grandson of Americas ninth president, William Henry Harrison. He was a Civil War hero, having ended the was as a brigadier general. He dealt with civil service reform and fighting against monopolies and trusts while he was president. Following is a list of fast facts for Benjamin Harrison. For more in depth information, you can also read the Benjamin Harrison Biography Birth: August 20, 1833 Death: March 13, 1901 Term of Office: March 4, 1889-March 3, 1893 Number of Terms Elected: 1 Term First Lady: Caroline Lavinia Scott - She died of tuberculosis while he was in office. Caroline was key in building the Daughters of the American Revolution.   Benjamin Harrison Quote: Unlike many other people less happy, we give our devotion to a Government, to its Constitution, to its flag, and not to men.Additional Benjamin Harrison Quotes Major Events While in Office: Sherman Anti-Trust Act (1890)Sherman Silver Purchase Act (1890)Electricity Installed in White House (1891) States Entering Union While in Office: Montana (1889)Washington (1889)South Dakota (1889)North Dakota (1889)Wyoming (1890)Idaho (1890) Related Benjamin Harrison Resources: These additional resources on Benjamin Harrison can provide you with further information about the president and his times. Benjamin Harrison BiographyTake a more in depth look at the twenty-third president of the United States through this biography. Youll learn about his childhood, family, early career, and the major events of his administration. Chart of Presidents and Vice Presidents This informative chart gives quick reference information on the presidents, vice-presidents, their terms of office, and their political parties. Other Presidential Fast Facts: Grover ClevelandGrover ClevelandList of American Presidents