The United States Social Security System is often considered a political football, frequently debated on whether the government should continue to manage it or should it be privatized. Either way, in today’s economy, it’s vital to the welfare of many. The main purpose of the system is to provide benefits to America’s workers and their families for retirement, disability, and early death. (Unknown Social Security ProCon) According to the data collected in the 2000 census, “Social Security is the main source of income for men and women 65 and older.” (Hartmann, Lee Highbeam) This finding proves people have become to depend on the government for this benefit, and for a multitude of reasons are not saving enough money to live on once they retire. This increases the need to fund the system in a sustainable fashion. As a country, we must find a solution that meets the needs of its retired citizens and provides benefits for them. While the media depicts privatization or government run as the only viable options, a blend of the two is what will best sustain the system going forward.
In 1935, the United States passed the Social Security Act. This act was part of President Franklin Delano Roosevelt’s New Deal program. The New Deal program enabled two types of social insurance tracks to be created. The first piece at the federal and state level was created to provide unemployment benefits and the second to provide monetary benefits for retired people sixty-five and older. Additional federal grants were established to help fund state programs for the older population and disabled; as well as provide public health services, child welfare services, and vocational rehabilitation. The retirement program paid benefits proportional to the prior earnings for retirees 65 and older. These benefits were funded by accumulating payroll taxes from employers and employees. In 1965,