Although social security was once the answer to giving people retirement income and protect them, it may no longer offer the same dependability.
The goals of social security were to supply income to retired people and protect them against premature death, divorce, excessive longevity and disability, according to Terre Haute Tribune Star.
Unfortunately, the goals of Social Security and execution have pushed the two in opposite direction. Complicated and not user-friendly, the system is not a beacon for other public institutions.
Currently, the Social Security system is running out of funds. It is currently 32% underfunded, and in order to counter that, the system would have to increase the payroll tax by over 12% in order to pay out over time the promised benefits.
There is not another source of net revenue to back up and help supply the Social Security’s shortfall. With the overall U.S. fiscal enterprise being 58% underfunded, they are not open to helping out the cause.
The situation that the Social Security system is in only aides to the overall façade that the country is doing well financially. In fact, the country is close to being bankrupt today. Without serious policy changes, there is concern that the nation may not be able to recover overall.
On August 14, Social Security will be celebrating its 80th birthday. In 1935, with all good intentions, President Franklin D. Roosevelt signed the Social Security Act into law. At that time, he was promising to protect the average citizen and their families against the negativity brought on by growing old.
Today, people still do depend on Social Security for financial stability in their later years. Although the system reaches millions of people today, the fear of experts is that the system may not be the go-to in the near future.
