Write 5 pages with APA style on The State of Social Security in the United States. The increasing numbers of baby boomers and the recessive trends in the economy have been the major concern of the young people who are the main contributors to the social security funds of the state. The role of the state, therefore, has become crucial, while incorporating the new developments in the societal changes of the time in their social policy so that state benefit can reach everyone.
Social security is primarily insurance programs for the old age, survivors and widows of earning members, disability sector, unemployed and the people who need state benefits to survive with dignity. Popularly known as OASDI or Old- Age, Survivors and Disability Insurance, its major funding for the same comes from taxpayers who have to pay a contribution under the Federal Insurance Contribution Act or FICA. The tax deposits are transferred to trust funds dedicated under different programs like old age and survivors insurance fund, federal disability insurance trust fund etc. When the revenues exceed expenditure, the excess fund is invested in government ‘bonds’ that is nonmarketable and is often used by the government as deficit spending.
In recent times, it has come under huge controversy mainly due to myriad reasons like increasing number of baby boomers who have retired, the rising numbers of unemployed who are unable to contribute etc. and therefore the burden of contribution to social security fund has increasingly been borne by the current contributors. They feel that the fund might not be able to sustain their old age needs. The changing demographic equation and the old has necessitated reforms within the social security programs of the United States so that new mechanisms can provide equity in state benefits to the various segment of the concerned population. .
The following recommendations are designed to evolve innovative input into the state policy matter vis-à-vis social security.