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Word Count: 2,238
A little over 60 years ago the nation struggled through what was up to then the most dramatic crisis since the Civil War The economy was uprooted after the crash of the stock market and the countrys financial stability destroyed One of the many steps taken to alleviate the burden on the American people was that of the passing of Social Security Act of 1935 and its amendments by Congress and the President Franklin D Roosevelt Under the provisions of the Act the government would take on the responsibility of taxing the income of all working Americans and returning the money through numerous public benefits and programs Now the nation faces an economic and political problem with the program instituted to earnestly help the people In the first half of the next century the government will face the task of paying benefits to a large generation with funds it will not have This year Social Security assistance accounts for over 20 of the federal budget and will make up even more for the years to follow Almost all political sides agree that Social Security must be reformed in some way before the baby-boomer generation begins to retire and collectSocial Security benefits refer to all those measures established by the government through legislation that help an individual or household to maintain an income of a certain level insure income if ones employment is lost provide other assistance for disability old age survivors and other forms of compensation Social Security may be defined through several characteristics 1 participation is mandatory Everyone including children age 5 or older is required to have a Social Security 2 Eligibility for benefits and levels of benefits depends on past contributions made by earners 3 Benefit payments begin at a stipulated time such as at retirement from work upon temporary unemployment or with disability 4 Social-insurance benefits are means-tested - ones wealth or lack does not determine whether benefits are granted Comptons
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