Even though private social security will cost too much to maintain, it should be made private because you control and own the private account resulting in higher returns at retirement. The beginning of Social Security
Social Security was established in 1935; an approved program by the 32nd President of the United States, Franklin D. Roosevelt. The social security was Roosevelt most important legacy during his presidency. As explained by Bartlett (2005) Social Security was the most successful domestic government program in American history ( ¶1, p1). In 2005 there were over $500 billion dollars collected in form in payroll taxes. The taxes were then turned around in form of benefits to current retirees. Poverty rate among the elderly reduced tremendously over the last 65 years. The burden of caring for a parent or grandparent became obsolete because the elders were able to rely on the social security benefits to enjoy their retirement days. President Roosevelt established the social security program in order to assist the elders in saving for their retirement.
In the past, society established their own system to care for the age relatives. The secret was to have as many children as possible. Roosevelt developed the Social Security program in1935, in spite of the disapproval of many of his peers and elected officials. The program would serve the same purpose it does today. The social security legislature received ideas from business and fraternal societies and business owners. Many company such as Alfred Dolge Company, 1882, created their own pension planning. The plan withheld 1% of the workers pay in promise to pay back 6% interest per year. Roosevelt envisions the social security plan will do the same for the American people. According to Bartlett, the exact form of the social security plan was mainly due to the visions of Franklin D. Roosevelt. Social Security tax rates and benefits returns
Social Security was established in 1935; an approved program by the 32nd President of the United States, Franklin D. Roosevelt. The social security was Roosevelt most important legacy during his presidency. As explained by Bartlett (2005) Social Security was the most successful domestic government program in American history ( ¶1, p1). In 2005 there were over $500 billion dollars collected in form in payroll taxes. The taxes were then turned around in form of benefits to current retirees. Poverty rate among the elderly reduced tremendously over the last 65 years. The burden of caring for a parent or grandparent became obsolete because the elders were able to rely on the social security benefits to enjoy their retirement days. President Roosevelt established the social security program in order to assist the elders in saving for their retirement.
In the past, society established their own system to care for the age relatives. The secret was to have as many children as possible. Roosevelt developed the Social Security program in1935, in spite of the disapproval of many of his peers and elected officials. The program would serve the same purpose it does today. The social security legislature received ideas from business and fraternal societies and business owners. Many company such as Alfred Dolge Company, 1882, created their own pension planning. The plan withheld 1% of the workers pay in promise to pay back 6% interest per year. Roosevelt envisions the social security plan will do the same for the American people. According to Bartlett, the exact form of the social security plan was mainly due to the visions of Franklin D. Roosevelt. Social Security tax rates and benefits returns
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