Uncle Sam’s Toolbox—Honors

Should Congress continue to support social security? Absolutely! I think that the government should continue funding social security, because for some people that’s the only thing they can rely on as their source of income, if they stop funding social security then millions of people have no way of surviving then they have to go with their plan B which is go to other welfare programs like food stamps, etc. If they turn to other welfare programs doesn’t that mean it would cost the government even more money? Social security provides a source of income for people who doesn’t get enough benefits or people who have retired. I think this program is very advantageous and should continue to support and funding it if they don’t then millions of people have no ways of surviving, and increase poverty even more. Most people don’t know the history of social security, who created it, when it was created and why it was created. Well social security was created in 1935 and was signed into a law by President Franklin D. Roosevelt during the Great Depression when impecuniousness rates among senior citizens exceeded by 50%, they decide to do something about it, and created the social security at first it was called the “social insurance”.

We can never insure one-hundred percent of the population against one-hundred percent of the hazards and vicissitudes of life. But we have tried to frame a law which will give some measure of protection to the average citizen and to his family against the loss of a job and against poverty-ridden old age. This law, too, represents a cornerstone in a structure which is being built, but is by no means complete…. It is…laws that will take care of human needs and at the same time provide for the United States an economic structure of vastly greater soundness” A quote from our beloved president Franklin D. Roosevelt. People, who are retired, disabled or cannot provide for themselves benefit from this as a supplement to their retirement benefits from their previous employer. The average American taxpayer pays about 6.2% of their income to support social security. The percentage of the total federal budget is spent on this program relative to other programs is about 22.6% Although social security does not have that enormous impact on price stability. But it does have a negative impact on full employment and economic growth which is a good thing. It is saving the government some money because it allows people who are retired to not depend on other welfare programs. Social security is a really good thing for millions of people it gives them a chance to survive while they are retired or until they can provide for themselves or their family.

References:

http://www.ssa.gov/history/percent.html
http://en.wikipedia.org/wiki/History_of_Social_Security_in_the_United_States