Social Security has long been a topic of heated debate for the people of the United States from small, low income families to the most educated Harvard graduates. Although all Social Security programs serve for only one simple purpose to provide people income and benefit after their retirements, different people all have different perspectives and ideas on how this goal should be achieved. The new elected president Bush also carries out his own plan of allowing partial or total privatization of SS. Is it a good solution for the problems remaining in our present SS system? What is the main problem of the Social Security system? And how does Bush's proposal affect our financial future? Those questions are going to be answered in my paper. But first of all, let's take a look at the history and legislation change of the Social Security program.
Because of the massive unemployment and poverty caused by the Great Depression, the government realized that it had to do something to protect employees from unemployment, illness, and old age. The first step taken was the Social Security Act of 1935, Employees used to sue their employers to receive compensation after a work-related injury or illness. Also, the new act created a social insurance program designed to pay worker a pension after retirement. According to the official Social Security web site www.socialsecurity.gov, the first SSN was issued in November 1936, and over 35 million SSN cards were issued in the following two years.