Social Security is one of the successes gotten by the Americans The program provides a foundation of economics security for more than 47 million Americans and their families. The reason for the built in protections, we have come close to eliminating poverty among seniors. It also helps in the provision of basic income to millions of families who have died or disabled of a wage earner.The financial security of social security is very strong. In 2003, it took in the rate of $ 161 billion more than it paid in benefits. These programs have the resources to provide benefits to the baby boomers and their children and grandchildren. The security trustees predict that it will pay ever -increasing benefits through less than many years to come when a survival baby will be more into his / her 80s and 90s. If the US economy is the long-term growth rate, the fund will be depleted after 2042, but the social security payroll tax alone is still the cost of benefits of $ 1000 more .
Using less-assumptions, the trustees low-cost long term forecast predicts that it will continue to retire with more generous benefits than their predecessors through the entire 21st century. If social security finances are really good shape why are there so many politicians, policy analysts, and reporters warned us that something must be saved? How we have so many Americans become convinced
Misconceptions about social security are widespread; predictions about the distant future based on multiples assumptions are reported as facts ", often distorted, and almost always contextualized out of context.In addition, it is privatizing to commit some organizations and individuals ideology or hope Of profiting from the billions of dollars in investments fees that a privatized system could generate.
The majority of Americans would be worse off financially under a privatized system, all going to be less secure, and creating a new system would cost trillions of new tax dollars. Therefore, undermining faith in the current program has been a major strategy.
This report provides background information on how social protection works, explains how it is that Americans can easily afford it in the long run as well as our population ages, and programs with the basic issues to point out,
Finally, it recommends ways we should improve While we most often see it as a retirement program, 30% of beneficiaries collect survivors of disability insurance. Social protection survivors insurance provides benefits to the families of deceased workers, including children under 18, 18 and 19 years -olds in high school, disabled boys or any age, elderly dependent parents, and surviving spouses who are elderly, disabled, or caring for eligible children
The social security trust fund & the Trustees report is based on the projects of income and expenses of social security for 75 years in the future. The projections require many assumptions about birth rates, immigration rates, unemployment, average wages, life expectancy, and the like over. Over 75 years, small differences in assumptions The Trustees make three different projections based on different assumptions. These three scenarios are called low cost, intermediate, and high-cost estimates:
The Trustees intermediate projection: the trustees intermediate projection predicts that social security payroll taxes will continue to extend until 2018, and the combination of tax and interest on the trust fund will cover benefits until 2028.
The Trustees low-cost projection with slightly different assumptions predicts that the trust fund will never be exhausted and the program will always have the resources to pay full benefits without any changes in tax rate or benefit formula.