One of the hottest topics in politics today is Social Security reform. Although the Social Security system has worked for Americans for nearly 70 years, there are some evident flaws in the system. Because the Baby Boomer generation is so much larger, Generation X will not be able to support all of the Baby Boomers that will be retiring. The American Social Security system needs to be reconstructed in order to pay benefits to retiring Baby Boomers.
The history of Social Security dates back to 1935 when President Roosevelt signed the Social Security Act (A Brief.Security). Because the Great Depression caused a 25 percent unemployment rate, President Roosevelt called for a "legislative safety net" to protect "every man, woman, and child" (Plontz, M.). In 1934, President Roosevelt set up a committee to create a plan for economic security (Plontz, M.). By 1939 Social Security was not only given to workers in commerce and industry, but also to dependents and survivors (History of Social Security). Payroll taxes were only two percent in 1939 and were not raised to three percent until 1950 (History of Social Security). It wasn't until 1956 that Social Security was given to disabled workers (History of Social Security). When Social Security was first used, it gave benefits to about 60 percent of the American work force (A Brief.Security). Today, about 95 percent of all retired workers receive Social Security benefits (A Brief.Security). .
Social Security is a program that provides benefits for retired workers that are at least 65 years old (Social Security Information). Social Security also provides death benefits to survivors and disability insurance (The Attack.Security). According to the Mind Connection web site, "The [Social Security] system does more than provide a base income for the retired workers. It purposefully redistributes wealth from productive members of society to those who are less productive" (Social Security Information).