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Word Count: 1,018
Social Security Social security created in 1935 is the most costly item in the federal budget The program provides old age survivors and disability insurance to a healthy portion of Americans Workers and their employers fund the system by each paying payroll taxes The Internal Revenue Service collects the taxes and deposits the money in government-administrated accounts known as the Old Age and Survivors and Disability Insurance Trust FundsOASDI The payroll tax revenues are used to pay benefits to those people currently collecting Social Security pensions Social Security taxes also pay for Medicare the national health program for the elderly The huge problem with the current situation facing Social Security is the increasing deduction of workers in the work force paying for workers retired Due to the large number of aging baby boomers American 65 and older are the fastest-growing segment of the population The population growth of Americans age 65 and older is 112 in the years between 1995 and 2040 The population growth in age 20-64 is 24 The population growth in ages under 20 is 5 What these numbers essentially represent is a cause problem with age differences in the future Soon less workers will be in the job force trying to supply more retirees with Social Security Currently many ideas have been juggled around trying to find a sound and reasonable way to resolve this problem Granted the problem will not happen overnight but rather over a long arduous duration of time The question first arises Can the existing system survive without major reforms The early designers of Social Security and many Democrats are baffled at the recent proposals to change Social Security Most believe that Social Security is still able to provide a safety net for retirees and their survivors if minor adjustments are made Occasionally raising payroll taxes or recalculating the way benefits are paid out Some Democrats look at major reform as a
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