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The History and Success of Social Security

Discuss the history of social security, its effectiveness at inception compared to the present, and the future of Social Security. In addition, apply your knowledge and opinion to this question: Would you try to ensure the future of Social Security? If yes, what approach would you take and why? If no, what would you implement in its place, how, and why?

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President Franklin D. Roosevelt created the social security program in 1934 to address the needs of the elderly. It is based on several core principles that originated in Europe in the early 1900s. Social insurance was not a new idea; more than 30 nations already had a similar program in place by the time the U.S. created one in 1935. The first core principle it is based on is the insurance principle. In this principle, individuals are insured against a defined risk. The second principle is that this insurance would be provided within a social element. This meant that the program's objectives and goals would be shaped by broad social objectives. So, social security was created to insure individuals for old-age and retirement because these situations would create a loss of income for the individuals in our country.

The Social Security Act was signed into law in 1935. It had two major provisions in relation to the financial problems faced by the elderly. Based on this law, the primary worker of a household would receive benefits when he/she retired at age 65. Payments were based on tax contributions that the worker made during his/her working life. This new social insurance program was intended to minimize the long-range ...

Solution Summary

What is the history of social security? How has it changed during the past few years? Is it a successful program worth saving/