Social Security
- Submitted by: mifrancis2
- Views: 395
- Category: Politics
- Date Submitted: 06/22/2012 09:54 PM
- Pages: 5
- Report this Essay
|
Social Security
|
Should we really fight to save it, or move on? |
|
A very great deal of people believe that Social Security will be around for everybody and forever, but in reality the program is experiencing a shortage that could end the program within the next 10 years. Based upon the current statistics from the Congressional Budget Office, Social Security will pay out more than it receives for the year 2010. Another problem is that within the same report from the Congressional Budget Office, by the year 2018 the trust fund used to pay Social Security benefits will be exhausted. I think that if we take better control of where the money is spent as well as offer more options besides Social Security, we will eventually save money instead of losing it.
According to a Congressional Budget Office report on the trends and implications, the current practices by the Social Security Administration make the program unable to remain financially sustainable. According to the Congressional Budget Office, “Since 1970, the number of individuals receiving funds from the SSI has more than tripled from 2.7 million to a current 9.7 million.” From their same report, due to budget shortfalls as well as a rapid increase in payouts the Congressional Budget Office is predicting that the program could run out of money and fail. My biggest concern with our government is that nobody seems to be too concerned about this program. I worry more about the current receivers of benefits that rely upon that money, no matter how little it can come out to. So many people have paid into a system that only a fraction of people are receiving SSI benefits, yet the government cannot provide a viable plan for the sustainability of such an important program. Not only are the payouts usually minimal in the ability to help cover bills, but with the current projections the payments will only get smaller because there will be so many more people causing a massive strain on the...
Social Security
|
Should we really fight to save it, or move on? |
|
A very great deal of people believe that Social Security will be around for everybody and forever, but in reality the program is experiencing a shortage that could end the program within the next 10 years. Based upon the current statistics from the Congressional Budget Office, Social Security will pay out more than it receives for the year 2010. Another problem is that within the same report from the Congressional Budget Office, by the year 2018 the trust fund used to pay Social Security benefits will be exhausted. I think that if we take better control of where the money is spent as well as offer more options besides Social Security, we will eventually save money instead of losing it.
According to a Congressional Budget Office report on the trends and implications, the current practices by the Social Security Administration make the program unable to remain financially sustainable. According to the Congressional Budget Office, “Since 1970, the number of individuals receiving funds from the SSI has more than tripled from 2.7 million to a current 9.7 million.” From their same report, due to budget shortfalls as well as a rapid increase in payouts the Congressional Budget Office is predicting that the program could run out of money and fail. My biggest concern with our government is that nobody seems to be too concerned about this program. I worry more about the current receivers of benefits that rely upon that money, no matter how little it can come out to. So many people have paid into a system that only a fraction of people are receiving SSI benefits, yet the government cannot provide a viable plan for the sustainability of such an important program. Not only are the payouts usually minimal in the ability to help cover bills, but with the current projections the payments will only get smaller because there will be so many more people causing a massive strain on the...