Social Security should not be canceled. It is an essential part to Americans and this program should continue. If the benefits of Social Security were to be cut Americans will feel the drastic effect. Social Security has worked successfully until recent years when strategists predict that the rate of payee is less than the rate of beneficiaries. In another word, the rate of people paying for the program is less when the rate of retires people increases. Therefore, money will not come in fast enough to support the program. This is going to be a major problem when the Baby Boomer reaches their retire age. .
Social Security is becoming a major concern to Americans as elderly populations, especially baby-boomers, are approaching old age. The generation that will take its place in the workforce is far smaller in proportion to the number of retirees, raising fears about the sustainability of Social Security. As a result of this decrease in the population there will not be as many citizens to Social Security. By law, the Trustees of the Social Security Trust Fund are required to plan seventy-five years into the future to determine whether, according to the best demographic and economic forecasts available. Social Security will be able to obtain enough money through payroll taxes on current workers to continue to pay benefits to those in retirement. Payroll taxes on current workers will be able to bring in enough revenue to finance Social Security. However, if the forecasts indicate a problem, a solution must be found (Social Security online). .
Security is a contributory social insurance program providing benefits to millions of Americans. Workers contribute financially to the system during their careers and earn entitlement to benefits upon retirement, disability, or death. Currently, nearly 44 million Americans receive benefits under the Old Age and Survivors Insurance and Disability Insurance (OASDI) programs that make up Social Security.
