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Social Security is one of the most popular and successful federal government programs The system functions as a retirement savings plan and helps to reduce poverty among the elderly For nearly eighty years it has been a successful program however it is facing serious issues that need to be addressed Social Securitys future remains uncertain due to the current rules that render it unsustainable viable reform solutions from scholars to privatize Social Security and the bureaucracy that hinders the reform of Social SecurityEXPLAIN EVERYTHINGThe Social Security Administration SSA began amidst the Great Depression of the 1930s when unemployment and poverty reached record highs President Franklin D Roosevelt signed the Social Security Act into law on August 14 1935 which allowed the SSA to become an independent agency Social Security is a term the program is lovingly called Social Security was created to pay for retirement disability survivor and dependent benefits to covered workers and their families The one receives depends on career earning years of work and retirement age This system is funded through payroll taxes of 124 split between employers and employees up to 106800 dollars plus federal income taxes Social Security provides over 800 billion in benefits and is the federal governments largest spending program at 22 of all federal spending The money that is collected through payroll taxes is held in an account called the Social Security Trust Fund which is monitored by the Secretary of the Treasury One caveat of this system is that the securities in the Trust Fund are by law invested into non-tradable US securities and hold no value they are promises by the federal government to repay the System The Trust Funds main goal is to cover any deficit that Social Security might run from year to year This however has not remained in equilibrium When Social Security was established it was designed to provide benefits to retirees At the time the retirement age was set at
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