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Social Security was implemented in 1935 as part of Roosevelts 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 programs 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 IOUs 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 around 341 Once the baby boomer generation begins to retire and causes a reduction in the work force the worker to retiree ratio will be closer to 21 by 2040 This is a 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 Securitys activists the most likely picture implies that the payroll tax would need to rise from 124 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
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