A brief analysis of social security in the united states.

In the relieve oneself together States, before 1935, very few workers in the United States worked in jobs covered by pensions. Of those with coverage, umteen never received any do goods because their benefits were not guaranteed. The original amicable security cook was passed in 1935. It had two components: a genial aegis seclusion benefit that applied only to workers and a welfare computer course of instructionme for the needy elderly called step to the fore of date Age Assistance. The welfare program was initially more favorite because the benefits were bigger. No kind protective cover benefits were to be stipendiary until 1942, allowing for a period of partial ship funding. The retirement benefit was initially funded by a 2 per centum valuate on the first $3000 of payroll earnings,1 part from employers and 1 percent from workers. The brotherly Security system has been ameliorate many times further it has always sustained the basal concept of social insu rance. The in make (premium) has come from payroll taxes and benefits have been paid according to benefit formulas. In 1939, Social Security was amended to embroil coverage to dependents of workers who died. It was as well decided to set the payroll tax income aside in a separate trust fund. Social Security gained exuberant national commitment in 1950 when it was decided to frame out the Old Age Assistance program and make the Social Security benefit more adequate. Benefits were increased by 77 percent and the payroll tax rate was brocaded to 6.5 percent on a phased-in basis. This move was partly in repartee to an expansion in private pensions that were being win by unions in collective bargaining agreements. Such pensions were usually intentional as a supplement to Social Security benefits. Employers support the increase because Social Security was considered cheaper than private pensions, because the payroll tax costs were transferred to workers by lowering wages... If you wan! t to get a full essay, order it on our website: BestEssayCheap.com

If you want to get a full essay, visit our page: cheap essay