...1. Is the social security system base in the same principles as private insurances? Why or why not? No, I do not feel like they are based on the same principles because social security is Work Related and enables economic security for workers and their families is based on their work history. Entitlement to benefits and the benefit level are related to earnings in covered work. Benefits are an earned right and are paid regardless of income from savings, pensions, private insurance, or other forms of no work income. How much a person gets and under what conditions are clearly defined in the law and are generally related to facts that can be objectively determined. 3. Do you think workers should be permitted to invest all or part of their social security taxes into a personal retirement account? I do think that workers should be permitted to invest into a PRA because it would let the\m save and invest for their retirement and provide workers with a property right to the funds contributed into their accounts and reduce dependency on the government. 4. How does social security affect the economic well-being of blacks relative to whites and Hispanics? According to statistics blacks have a shorter life expectancy than whites and Hispanics, blacks are more likely to pay a lifetime into social security and see little of it. Hispanics have an above average life expectancy and therefore derive a higher return rate than both whites and blacks. Blacks also have a lower return...
Words: 411 - Pages: 2
...Modify Social Security During the depression, Franklin D. Roosevelt introduced the Social Security program in hopes of it providing insurance to what would inevitably happen in our lives. Established in 1935, it was geared to be solely a retirement program and quickly in 1939 added survivor benefits to the list; then insurances for the disabled in 1965. The original purpose of Social Security Act was to establish a system for the old-aged and adequate provisions for survivors of the dead and the disabled. The Act itself had good intentions of creating a sound Social Security board and increase revenue. According to www.ssa.gov, “The new social insurance program the Committee on Economic Security (CES) was designing in 1934 was different than welfare in that it was a contributory program in which workers and their employers paid for the cost of the benefits--with the government's role being that of the fund's administrator, rather than its payer. This was very important to President Roosevelt who signaled early on that he did not want the federal government to subsidize the program--that it was to be "self-supporting." He would eventually observe: "If I have anything to say about it, it will always be contributed, both on the part of the employer and the employee, on a sound actuarial basis. It means no money out of the Treasury."” From the time the Social Security program was establish in 1935 to 1960’s the payroll taxes increased from 2% to 6%. Then in 1972 the cost-of-living-adjustments...
Words: 1367 - Pages: 6
...“Social Security and Medicare – the social insurance programs that provide fundamental income support and health insurance to people over age 65(and some younger people with disabilities) (Feder & Friedland, 2005, p. 78).” Social Security is financed through payroll taxes called FICA in which the employee and employer pay; during the working live off the employee. Benefits were made available to Americans regardless of income. Medicare was built on the same model as Social Security thus avoiding the association of welfare. Instead, it was earned by working (Oberlander, 2015). Since the enactment in 1965 Social Security and Medicare have continued to prove they are effective antipoverty programs. These programs help provide financial independence...
Words: 1068 - Pages: 5
...The Insolvency of Medicare The biggest threat to our country is not global warming, terrorism, drugs and violence or even wars, it is our entitlement programs. The big three are Medicare, Medicaid, and Social Security. Medicare, being the largest, is the health insurance provided for people 65 and older and for younger people with disabilities. The debt that this program alone creates, will transform this country for the worst. With the baby-boomers starting to retire, Medicare spending is expected to skyrocket. Although many feel Medicare is necessary, it is economically problematic for the future of our country. One problem is Medicare’s relationships with physicians are deteriorating. With politicians realizing there are problems, it is easier for them to cut the payments to doctors then to cut the benefits to the patients. Between 2001 and 2010, doctor payments from Medicare have risen only one percent but the physician costs have gone up 22 percent (Childress). According to a 2011 article by Daniel E. Fass, MD, “physicians are in for a 29% slash in Medicare reimbursements this year.” More and more physicians are deciding not to accept Medicare patients. For example, the clinic Qliance decided not to accept both Medicare and private insurance. Only one person is needed to do the billing for 12 doctors. They were able to cut their costs by 40% just by reducing the enormous paperwork and cutting the red tape that held them hostage to the government system (Childress)...
Words: 926 - Pages: 4
...Social Security: Then and Know Deanna Havens SOC 320/ Public Policy & Social Services December 10, 2011 Social Security was established by President Franklin D. Roosevelt in 1935, during the great depression. The social security system was supposed to be a creation that would cover nearly all Americans. Over the years social security has expanded in both dollar amounts and the way you are eligible to receive benefits. Social security smoothes the risks of economic cycles, and it remains the most secure retirement income in America. Intentionally or unintentionally, those who think that the surplus in social security is disappearing are misleading the American public. Social security is financed mainly through payroll taxes on wages, and self-employment income. Employees and employers contribute 6.2 of wages, up to a wage gap of 106.800 in 2009 that ordinarily increases with the growth in the nation’s average wage. The self-employed contribute the equivalent of the combined employer and employee tax rates. According to the annual social security report (2010) income from social security payroll taxes will account for about eighty-three percent of trust fund income. At the end of 2008, nearly fifty-one million people were receiving benefits: thirty-five million were retired workers, six million survivors of deceased workers, and nine million disabled workers. During the last year an estimated one hundred sixty-two million workers had earnings covered by social security...
Words: 2057 - Pages: 9
...Smith’s writings tell us in the course of history that countries may finally become a “Nation of Commerce” as part of a natural progression. He further suggests an individual’s economy is inevitably woven into the fabric of society and that fabric should be allowed to grow without the interference of politics, which we can fairly judge as governments of all kinds (Smith, 1776). To this point, both Smith and Novak concur that, “sources of private capital and private wealth, independent of the state, are crucial to the survival of liberty”. (Novak, 1997, p. 32) The American corporation faces the responsibility of creating a social good beyond the four reasons given by Michael Novak. First, it creates jobs. Second, it provides desirable goods and services. Third, through its profits it creates wealth that did not exist before. Fourth, it is a private social instrument, independent of the state, for the moral and material support of other activities of society. (1997, p. 32) An emphasis on the fourth reason is essential as it is a significant role of the corporation. It is a critical part of the trustworthiness placed upon it by the affected society. One must take issue with Novak’s statement, “Absent the financial resources of major corporations, civil society would be a poor thing indeed” (1997, p. 32). He presents this...
Words: 1870 - Pages: 8
...Services and Social Policy – HN300-01 Michelle March The Welfare System got its start in the 1930’s under President Franklin D. Roosevelt following The Great Depression. It started with The New deal but it was not until 1935 when individuals saw welfare for them and their needs. This was the start of The Social Security Act of 1935. In this act provisions were setup to include Old Age assistance and benefits, unemployment compensation, aid to dependent children, maternal and child welfare, services for crippled children, child welfare, public health work and vocational rehabilitation (National Center, n.d). The Food Stamp Program started in 1939, but was ended because there was no longer a widespread food surplus or unemployment. However, the program resurfaced in 1961 after reports, studies and federal proposals in 18 years showed a need for the program to continue (USDA, 2012). The next set of welfare programs came during Lyndon B. Johnson’s presidency in the 1960’s. President Johnson had The Great Society that was like President Roosevelt’s New Deal. The Great Society included the Economic Opportunity Act of 1964 which aimed at attacking poverty in America. The Job Corps, Head Start Program, Medicare, The Peace Corps, Omnibus Housing Act, The Elementary and Secondary Education Act and The National Endowment for the Arts and Humanities were all created in 1964 under Johnson (U.S. History, 2012). All of these programs are examples of different social welfare systems...
Words: 1762 - Pages: 8
...Michelle Robinson 5/29/16 HCA255 Orazie Slayton Social Security Administration During the Great Depression of the early 1930s a form of Social Security was created but the federal government was not involved in the support of elderly people and their families, those concerns were considered to be handled locally or by the state. According to the America’s Historical Documents (n.d.), that changed on August 15, 1935 when president Roosevelt signed the Social Security Act, this act established a system of old –age benefits for workers, benefits for victims of industrial accidents, unemployment insurance, aid for dependent mothers and children, the blind, and the physically handicapped (America’s Historical Documents, n.d.). Now the Social Security Administration (SSA) operates as an independent federal agency under the Social Security Act. The framework, issues, and priorities of the Social Security Administration has an impact on health care policy and delivery. Like any other federal agency the Social Security Administration has a purpose and a mission that acts as a blueprint in how to meet the needs of the serviced population. The SSA serves a purpose to the public to provide protection for aged and disabled persons against the expenses of being ill, providing material needs of individuals and families, also keeping families together, and to give children the chance at a healthy and secure future. According to the Social Security Administration website (2016) their mission...
Words: 1300 - Pages: 6
...------------------------------------------------- CHAPMAN v. TWIN CITY FIRE INS. CO.WCC NO. 2009-2346. 2010 MTWCC 43 ALLISON CHAPMAN Petitioner, v. TWIN CITY FIRE INS. CO. Respondent/Insurer. Workers' Compensation Court of Montana. Submitted: December 28, 2010 Submitted: December 29, 2010. December 30, 2010. ORDER DENYING PETITIONER'S MOTIONS FOR CLARIFICATION AND NEW HEARING JAMES JEREMIAH SHEA, JUDGE. Summary: Petitioner has filed a "Motion for Clarification" and a "Motion for New Hearing." The motion for clarification was submitted on December 28, 2010. The motion for new hearing is not fully briefed. On December 29, 2010, Petitioner filed a Notice of Appeal. Held: The Court lacks jurisdiction to consider the merits of the motions because jurisdiction over the case passed to the Montana Supreme Court when Petitioner filed her Notice of Appeal. Accordingly, the motions are denied. ¶ 1 Petitioner Allison Chapman moves this Court for clarification of its findings of fact, conclusions of law, and judgment1 regarding her claim.2 Chapman also moves the Court for a new hearing.3 ¶ 2 Chapman's motion for clarification was deemed submitted for consideration on December 28, 2010, when her time for filing a reply brief under ARM 24.5.316 expired. Chapman's motion for a new hearing is not yet fully submitted. However, on December 29, 2010, Chapman filed a Notice of Appeal, asserting that she has appealed this case to the Montana Supreme Court.4 ¶ 3 When notice of appeal...
Words: 6693 - Pages: 27
...INDIVIDUAL: What is Human Service What is Human Services BSHS/302 April 9, 2012 Instructor: Joe Spalding INDIVIDUAL: What is Human Services What is Human Services? The need to help someone who cannot meet his or her own basic needs of food, shelter and, health, has been a need that some have fulfilled for centuries dating back to Elizabethan time in England during the 16th century, and which carried over to the original 13 colonies in America. With the creation in 1953 of the Department of Health and Human Services (HHS) by President Eisenhower (HHS.gov, where the professional advocates for improving service systems by attending to the convenience, responsibility, and assortment of professionals and agencies that will carry out services to those in need according to the National Organization of Human Services (NOHS). The skills and intervention strategies for the professional includes the professional themselves. Attaining a level of understanding of one’s own principles and mores is crucial in recognizing these in others. A Clinical assessment, family genograms, psychological testing, and basic counseling techniques will start the professional on the path to finding help for the individual, using patience, active listening skills, observation skills, sympathy, and empathy. Ethical considerations for the professional are treating each client with respect, dignity while apprising clients of limits...
Words: 1089 - Pages: 5
... Review of Older American Act…….. ………………………………………………………4 Older American Title Review…………..…………………………………………………….5 Amendments………………………………………………………………………………….9 Strength and Weakness of Older American Act……………………………………………..14 Recommendation…………………………………………………………………………….15 Conclusion … ………………………………………………………………………………16 References……………………………………………………………………………………17 Introduction The new deal program of the 1930’s was enacted by congress to address economic issues during the Great Depression. The Social Security Act of 1935 was a response to criticism for the lack of aid to retired workers age 65 and older and who no longer worked (justfacts.com). This law created "a system of Federal old-age benefits" (justfacts.com). The new act provided pensions, unemployment insurance to nonagricultural` workers, commerce workers, aid to the blind, deaf, disabled and dependent children. Social security provided old age assistance and old age survivors insurance. Social security payment amounts were based on payroll tax contributions. President Roosevelt named this act as “a cornerstone in a structure which is being built but it is by no means...
Words: 4268 - Pages: 18
...Welfare was established in the 1930’s as part of President Franklin Roosevelt’s New Deal. During the Great Depression, local and state governments as well as private charities were overwhelmed by needy families seeking shelter, food, and clothing. In 1935, welfare for poor children and other dependent persons became the responsibility of the federal government. To deal with the depression, the Social Security Act of 1935 provided a minimal level of sustenance to elderly Americans, established a safety net for less fortunate Americans, and also created a program to assist some of the nation’s poor. One of which used to be called Aid to Families with Dependent Children (AFDC). This program went on to become the main support for needy, one parent families. The goal of AFDC was to protect societies most vulnerable: children living in poverty. 2. What are the two main criticisms of welfare?...
Words: 1295 - Pages: 6
...Parting at the Crossroads: The Development of Health Insurance in Canada and the United States, 1940-1965 Author(s): Antonia Maioni Source: Comparative Politics, Vol. 29, No. 4 (Jul., 1997), pp. 411-431 Published by: Ph.D. Program in Political Science of the City University of New York Stable URL: http://www.jstor.org/stable/422012 . Accessed: 12/10/2013 14:05 Your use of the JSTOR archive indicates your acceptance of the Terms & Conditions of Use, available at . http://www.jstor.org/page/info/about/policies/terms.jsp . JSTOR is a not-for-profit service that helps scholars, researchers, and students discover, use, and build upon a wide range of content in a trusted digital archive. We use information technology and tools to increase productivity and facilitate new forms of scholarship. For more information about JSTOR, please contact support@jstor.org. . Ph.D. Program in Political Science of the City University of New York is collaborating with JSTOR to digitize, preserve and extend access to Comparative Politics. http://www.jstor.org This content downloaded from 130.63.180.147 on Sat, 12 Oct 2013 14:05:01 PM All use subject to JSTOR Terms and Conditions Parting at the Crossroads The Development of Health Insurance in Canada and the United States, 1940-1965 AntoniaMaioni Frequentlyraised in recent discussions abouthealth care reformin the United States has been the model of the Canadianhealth insurancesystem.' While debates about health insurance often...
Words: 9505 - Pages: 39
...Information Management Division, 1155 Defense Pentagon, Washington, DC 20301-1155 (0730-0014). Respondents should be aware that notwithstanding any other provision of law, no person shall be subject to any penalty for failing to comply with a collection of information if it does not display a currently valid OMB control number. PLEASE DO NOT RETURN YOUR FORM TO THE ABOVE ORGANIZATION. RETURN COMPLETED FORM TO YOUR LOCAL SERVING PERSONNEL/PAYROLL OFFICE. PRIVACY ACT STATEMENT AUTHORITY: P.L. 93-64; 37 U.S.C., Chapter 7, Section 403; E.O. 9397 (SSN); and DoDFMR 7000.14-R, Vol. 7a, Chapter 26. PRINCIPAL PURPOSE(S): The information will be used to determine the relationship and dependency of the claimed dependents and determine the member's entitlement to authorized benefits. ROUTINE USE(S): In addition to those disclosures generally permitted under 5 U.S.C. 552a(b) of the Privacy Act, these records or information contained therein may specifically be disclosed outside the DoD as a routine use pursuant to 5 U.S.C. 552a(b)(3) as follows: The DoD "Blanket Routine Uses" published at the beginning of the DoD compilation of systems of records notices apply. DISCLOSURE: Voluntary; however, failure to provide this information will result in...
Words: 2358 - Pages: 10
...cash to make purchases or withdrawals 5. deduction (withholdings)- an amount that your employer withholds from your earnings to pay for things such as taxes or insurance 6. deficit- when more money is spent than earned 7. Denomination- the face value of money 8. electronic fund transfers (EFT)- money transferred from one bank account without any actual money (paper or coins) changing hands 9. electronic funds- 10. encryption- code 11. endorse- approve or sign 12. federal income tax- the tax you pay the federal government on the income you earn 13. Federal Reserve- institution responsible for creating and tracking all of the country’s money 14. FICA (Federal Insurance Contributions Act) – Social Security tax 15. fixed income/expense- income that does not change month to month 16. gross income- pay before withholdings 17. income- all the money that you earn or receive 18. net income- pay after withdrawals 19. payee-the person a check is written to 20. personal Identification Number (PIN)- identification number used with a debit card 21. purchasing power- the number of goods or services that can be purchased with a unit of currency 22. standard of living- a measure of how comfortable you are based on the things you own 23. state income tax- tax determined by individual states on the income you earn 24. surplus-when more money is earned then spent 25. variable income/expense- Activity 1: ...
Words: 513 - Pages: 3
