Social Security Crisis Free Essay, Term Paper and Book Report
During its first fifty years, the Social Security systemsometimes referred to as the Old-Age Survivors and Disability Insurance (OASDI), was all things to all people. To the American public, it looked like a pension plan that yielded an excellent return on contributions. To advocates of income redistribution, the Social Security system provided a vehicle for substantially reducing poverty among the elderly without the stigma of welfare.
For more than three decades the systems income routinely exceeded its outflow and its trust funds grew. This situation changed in the early 1970s when benefits were increased substantially, followed by higher inflation and leaner economic growth. However, as first recognized by the Social Security reforms of 1983, it is clear that, as presently implemented, the Social Security system cannot meet all its future obligations. Even if it does, future Social Security beneficiaries will not receive returns as favorable as their parents received.
One of the most divisive issues in modern American politics is the privatization of Social Security......
Word Count: 4188
Page Count: 16.7 (250 words a page / double spaced)
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