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The Future Of Social Security Essay

1076 words - 5 pages

The Future of Social Security
Paula Allen
COM 156
December 11, 2010
Joy V'Marie

The Future of Social Security
Social Security will not meet the needs of the younger generations in retirement because the depletion of funds in the Social Security trusts. The age requirement is predicted to rise to 70 by 2037 for those who can draw full benefits. There are people who survive on their monthly benefits from Social Security, but how long will it be before they cannot live on this amount of money? Under current laws and program benefits, the future of Social Security is unstable unless changes are made. Once the trust funds are exhausted, the funds do not have the ability to borrow ...view middle of the document...

For instance, they receive assistance with housing needs or get food stamps to help with groceries each month. Will they be able to keep surviving on this menial amount of money? Because of inflation and its effect on the economy, will this money meet their needs?

Unless changes are made to the current laws and program benefits, the future of Social Security is unstable. These funds cannot sustain with the current obligations they are under. “DI trust fund exhaustion is projected for 2020 under the trustees’ intermediate assumptions in the 2009 Trustees Report. Trust fund exhaustion is projected for 2038 for the OASI fund separately. The proximity of the trust fund exhaustion for the DI program requires special attention. Since 1983, DI program cost has risen above expectations to a much greater degree than has the OASI program cost” (Goss, 2010, OASI and DI Trust Funds Separately para. 2). DI stands for the Disability Insurance trust and OASI stands for Old-Age, Survivors, and Insurance trust. Knowing these figures should prompt the American government to make changes immediately. These projections for the future tell us that changes will have to be made to laws and benefits. The question is, what type of changes will they make and how will it affect those drawing benefits now? These programs will need to take into account the cost of inflation in the years to come and the number of people paying money into the program. Life expectancy was short in preindustrial America, but in the twentieth century, the healthier living standards of today has produced an increasing amount of Americans living well past their life expectancy (Dewitt, 2010). Today’s average life expectancy is 78.3 years. The life expectancy of a person has doubled in the last 60 years. Obviously, their predictions from the past did not foresee the future in a predicament like this. Exactly how will they project the future cost of these programs in an economy as unstable as ours is today?

The three trust fund programs cannot borrow money to keep paying benefits when the dedicated taxes and trust funds are not sufficient. “Because the ability of these...

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