Accounting / Finance Is Social Article Review

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Social Security is a big insurance collection into which all working people contribute.

The current Social Security system is similar to an underfunded pension. Underfunded does not mean that it is in a dilemma, but that its funds are not sufficient to pay future benefits without gathering future tax revenues. Ultimately, Congress will have to deal with whether to change Social Security. Politically, much of the support for the program stems from the awareness that it is an earned benefit, not a welfare program. But in a time of fiscal strictness, Congress should at least think about whether it makes sense that an increase in taxes to finance the system automatically increases the benefits paid to those who need help the least.

Even though Social Security is often compared to private pensions, it shouldn't be since it is truly a social insurance program and not a retirement plan. Social Security started out as a good idea but I'm not sure that it was thought through completely from the beginning. Those who created this program did not foresee the amount of people who would eventually be participating in the program and thus did not plan adequately to sustain funding for this program.

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There are many people today that question whether or not there will be any money left in the Social Security program to be distributed when it comes time for them to retire. I think that not only does Congress have to look at changing the way in which this program is funded but also there needs to be an education program put into place to inform the American public. They need to be educated that Social Security is not a pension plan and should not be thought of as one. People need to stop thinking that this is what they are going to retire on and make alternate plans in case that money really isn't there in the end.

References

Norris, Floyd. (2010). Is It Really a Pension? It's a Problem. Retrieved November 8, 2010, from The New York Times Web site:

http://www.nytimes.com/2010/11/05/business/05norris.html.....

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