The Social Security Crisis Essay Research Paper free essay sample

The Social Security Crisis Essay, Research Paper The Social Security Crisis The Presidential election will be coming up this November and the inquiry that many of Americans have on their head is what are you traveling to about the Social Security crisis? This inquiry has our state divided between coevalss. The older people of our state ( ages 50 and up ) fell confident that Social Security will be at that place for them and that it should be left entirely. On the other manus the Baby Boomers ( ages 31-49 ) and Generation X ( ages 18-30 ) deficiency this assurance fearing that they will neer have Social Security, and the money they put in would be a waste. Many politicians are afraid to touch this issue because the senior still do a big figure of the vote block. Speaking as a member it is our responsibility to vote for alteration in Social Security to guarantee we will hold something to look frontward to when we retire. We will write a custom essay sample on The Social Security Crisis Essay Research Paper or any similar topic specifically for you Do Not WasteYour Time HIRE WRITER Only 13.90 / page We can non wait any longer to licking this crisis. For those who don # 8217 ; t cognize the Social Security crisis is the menace that Social Security may travel insolvent. Well its more than merely a menace its the world. The common belief is that Social Security is a SA ving fund where the authorities takes a certain per centum out of our hebdomadal wage. Then that money is put into a nest egg fund where it is held until you retire. When they retire money is returned to them in monthly cheques plus the involvement. This is where they are incorrect. Social Security is a pay-as-you-go system where the current work force wages for the present retired persons, and so when they retire they will depend on the work force and so on and so on. Which is all right when you ever have more workers so retirees. This is the job the authorities will confront when the Baby Boomers retire in the twelvemonth 2010. In 1950 there were 7.2 workers for each retired person. Today there are 3.2 workers for every retired person, an by the twelvemonth 2020 there will merely be 2.4 or less for each retired person. By the twelvemonth 2010-2015 Social Security is projected by the authorities to pay out more money than it could take in. Since the current Social Security took in a excess of $ 60 billion last twelvemonth with a jutting sum to be around $ 5 trillion they will hold adequate money to last another 10 old ages or so. All in all experts expect that Social Security will hold spent every penny it has by the twelvemonth 2030