Essay on Bush's proposed Social Security Reform.

Essay by nyfoleyHigh School, 11th gradeA+, February 2006

download word file, 4 pages 4.6 1 reviews

In 1935, a system was devised to protect the elderly and disabled, so that whether or not they saved up for retirement, they would still be guaranteed some money to live on. Today, this system of Social Security is still around, yet it won't be for long. Many problems face the current system, and a majority of experts, whether they are democrat, or republican, agree on the fact that there are many problems, and it needs to be restructured in some way. Before one can recognize the problems with today's social security system, however, one must first understand the history of the social security program, and how it came into being.

In 1935, America was in the midst of what is now known as the great depression. The president at the time, Franklin Delano Roosevelt, faced many problems with no solutions. Thousands and thousands of people were starving and suffering in the streets, and the unemployment rate was at an astonishingly high level.

Citizens of the United States expected the federal government to help through the hardships, which Roosevelt promised, as part of his "New Deal." Due to the many bank closures during the depression, a great amount of people lost their entire savings accounts, and would not have anything to retire on without government aid. This was when Roosevelt decided to initiate a program where part of the peoples' taxes go toward a holding tank of sorts, where it would be returned to them when they reached retirement age. (Bernstein 1) At first this was a great social innovation, but eventually changes in the standard of living, and culture in general brought up many problems with the system.

One of the largest problems, if not the largest, with today's social security system, is the fact that it appears to...