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Word Count: 900
Social Security Research Paper During the Great Depression the economy was crashing thousands of people were losing their jobs and businesses went bankrupt So on June 8 1934 President Franklin D Roosevelt announced to congress that he would provide a program for Social Security He created the Committee on Economic Security to investigate the problem of the economy and to provide any solutions to this problem Eventually on August 14 1935 President Roosevelt passed the Social Security Act The act was designed to help people in need of general welfare and to pay retired workers aged 65 or older a continuing income after retirement to protect them from poverty The program later changed to include unemployment insurance old age assistance and aid to dependant children and the elderly Social Security benefits which are paid monthly to nearly 46 million people are the backbone of the nations entire retirement income system Employees are required by law to pay 765 of their income while their employers match this amount Of this 765 62 is actually payment for Social Security while the other 145 is payment for Medicare benefits This process continues until the employee makes his or her first 90000 After that they will only be required to pay 145 of their income until the end of the year when the whole process will repeat itself again For many years this program has worked successfully because the number of people paying for the program or the current workers has been more than the number of retirees or the non-workers The current problem with Social Security is that as the baby boomer generation slowly reaches retirement age social security strategists predict that the situation will be flip-flopped Therefore there will not be enough money coming into the program fast enough to support this generation and by the year 2042 the social security program could be completely bankrupt according to these strategists predictions Also the retirees are
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