Social Security Purpose

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Social security was designed to address a number of issues confronting the United States. The program was supposed to propel the country to a higher stage of development. The policy was primarily intended to assist employees in living quality lives long after retirement. It was a scheme to meet the needs of the sick, the elderly, and the needy in general. However, social care is becoming a liability and is no longer of any assistance. Up and coming workers are leaving the program. Staff is advocating for the service to be made voluntary even in countries where it is mandatory.

Private retirement plans have been shown to be superior to social care. Population has highly increased due to the reduction in death rates. The life span has increased. Most people are self employed and hence not included in the program. The ratio of those who contribute has become very low as compared to those who are not in the program. As a result, social security contributors are carrying a huge burden than they used to do previously. The rate of payroll tax rate has increased by 17 times.

People are opting to take their payroll taxes to private investments. In this way, they can earn returns every year and hence building their income as they age. However, in social security, no returns are earned from money paid every month. In fact, some deductions take place at the end of the period. Retirees in this program are paid stipends as their benefits after contributing for almost all their working time. Social security is more of a burden than a benefit. Some reforms need to be done or else everyone will be out of the program.

November 09, 2022

Government Economics

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