U.S. Social Security System

Editorial: U.S. Social Security System

Precisely, Social Security is called Old Age, Survivors, and Disability Insurance (OASDI) government program that provide financial benefits to retirees, spouses/children of deceased workers, and disabled workers (Aaron 2011). This U.S. program is financed through a payroll deduction (FICA) tax imposed upon eligible workers. Interestingly, the first social security program originated in Germany in 1889 by Chancellor Otto von Bismarck (Kotlikoff 2011). Although 34 European nations operated similar retirement plans, the U.S. followed suit when President Franklin Delano Roosevelt signed the U.S. Social Security into law in 1935 (Saving 2008). Primarily, the program was to transfer funds from the workers to retirees for sustainability. From 1935 until 1957, the system remained a benefit program for retirees and survivors, in which Congress began to make critical changes that fueled programmatic issues. Subsequently, the program expanded to include the disability benefits for disabled...
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