Bautista 1

Juliette Bautista
Mr. Rogers
Government 5
23 October 2015
Better Oversight for Social Security
Social security is one of the largest and most eminent programs in the United States. By
guaranteeing social, economic, and cultural rights to members of the United States society, the
program in which it is established promotes realization of advantages that can be both taken and
offered. However, there is little assurance that the entire Social Security system will be available
for future generations. The federal government and Social Security Administration (SSA) should
strive to maintain the same level of competence by monitoring superfluous tax expenses, thus
incorporating the U.S. governments Thrift Savings Plan, working alongside Congress for
security, and by implementing a new program designed after Chiles version of social security.
Taking action now will allow those who depend on Social Security the most to be secure,
and allow a more gradual transition to a sustainable system. In order to regulate tax expenses,
incoming payroll taxes between Social Security trust funds should be adjusted upon distribution.
Hundreds and thousands of hard-working Americans rely on Social Security for economic
security, and if taxes continue how they are currently, it will only pay off seventy-six percent of
scheduled benefits. [Introduction, https://www.ssa.gov/policy/docs/ssb/v70n3/v70n3p111.html]
Although seventy-six is considerably higher than twenty-four, the other percentage is still a high
number in retrospect of the 59 million people receiving benefits. By curbing present issues and
resolving possibilities now, we will also be able to preserve the foundation and original morale of
what programs such as Medicare, Medicaid, and Social Security all promote.

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According to fund trustees, the total combined reserves for Social Security will be
depleted in less than two decades. [http://www.pewresearch.org/fact-tank] When surveying out
of 1,485 respondents, 67 percent thought that there should be implementation of a program that
would allow individuals to place their Social Security contributions from their current wages into
their own personal retirement account to be maintained exclusively for retirement purposes.
[Seidel, The Future of Social Security for this Generation and the Next: Current State of
Public Opinion on the Future of Social Security: Hearing Before the Subcommittee on Social
Security of the Committee on Ways and Means, House of Representatives, One Hundred Fifth
Congress, First Session, October 23, 1997, Volume 4] Although some believe that a possible
resolution would be to increase tax revenues and percentages, this is not necessarily the best
option. Tax revenues and percentage increases are part of the reason why the social security
reserves are depleting, due to various unanticipated factors.
Despite the fact that an immediate increase in the combined payroll tax rate from 12.4
percent to 14.4 percent would be sufficient to allow full payment of the scheduled benefits for
the next 75 years, [https://www.ssa.gov/policy] the results do not ensure complete satisfaction
for all future generations. This is due to the fact that those currently struggling to pay taxes will
be incapable of saving anything else for their own retirement or personal funds. Another proposal
would be to move cost-of-living adjustments to help tailor benefits to those receiving benefits.
[Forbes, www.forbesmagazine.org] It is essential that factors such as unemployment, price
inflation, and labor force participation be considered prior to any raises and/or adjustments to the
benefits. Therefore, adjusting the cost-of-living may affect other factors at a much higher risk,
and in result may cause more damage in the long-run.

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Adjustments to cost-of-living can affect not only those paying taxes to the government,
but in-turn the government themselves. When people work, 85 cents of every Social Security
tax dollar you pay goes to a trust fund that pays monthly benefits to current retirees and their
families and to surviving spouses and children of workers who have died. [Understanding the
Benefits] The remaining fifteen cents go to a trust fund that pay benefits to the disabled and their
families. In order to better monitor such tax expenses, Americas own Thrift Savings Plan, a
retirement plan in which a specific percentage of cash is annually bestowed by companies for
employee benefits, [http://www.investopedia.com/terms] could be incorporated in place of the
current Social Security program. Another ideal option would be to implement Chiles equivalent
system to the U.S.s Social Security program, both of which would be sustainable enough for a
new foundation of security and social programs.
E.E. Cummings stated that Congress failed to adequately fund program integrity efforts
that would curb abuses. [Opening Statement, Part II H.R. Rep at 2] The role that Congress is
expected to portray is to ensure that the contributions Americans make and the benefits in which
they earn are both guarded well. The One Social Security Act ensures that Americans get the
Social Security benefits theyve earned and pay all Social Security benefits using trust fund
reserves that current beneficiaries helped build up through their own contributions. The
jurisdiction of the Subcommittee on Oversight includes all matters within the scope of the full
Committees jurisdiction but is limited to existing law. [Berecca.
http://democrats.waysandmeans.house.gov] Nevertheless, one must believe in success of
overriding such limitations. In order to receive better oversight for programs such as Social
Security and those akin (Medicare, Medicaid, etc.) Congress must comply with the
administration for Social Security and their programs. [http://lynnjenkins.house.gov/index.cfm?

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sectionid=59] Future generations deserve to receive the best available benefits from Social
Security, and in order for this to be effective, the program must be revised and better overseen
through such alternatives.

Works Cited
"5 Facts about Social Security." Pew Research Center RSS. N.p., 18 Aug. 2015. Web. 20 Oct.
2015. http://www.pewresearch.org/fact-tank/2015/08/18/5-facts-about-social-security/
"The Complete Overhaul Social Security Needs to Survive." Fix Social Security Now. N.p.,
2012.

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"The Future Financial Status of the Social Security Program." The Future Financial Status of the
Social Security Program. SSA,
"Thrift Savings Plan (TSP) Definition | Investopedia." Investopedia. N.p., 15 May 2007. Web. 20
Oct. 2015.
"Uncertainty in the Future." The Future Financial Status of the Social Security Program. SSA
Becerra, Xavier. "H.R. 3150: One Social Security Act." H.R. 3150: One Social Security Act.
Ways and Means Subcommittee http://democrats.waysandmeans.house.gov/pressrelease/congressman-becerra-protect-social-security-congress-must-give-social-security
H.R. Rep. at 2 (2014). Print. Opening Statement for SSA Oversight Part II, given by Rep. Elijah
E. Cummings 11 June 2014.
Seidel, Eric. "The Future of Social Security." 7th House Hearing. 105 Congress, 2 Oct. 1997.
Understanding the Benefits. Baltimore, MD: Social Security Administration, 2005. Print.The
Future of Social Security for this Generation and the Next: Current State of Public Opinion
on the Future of Social Security : Hearing Before the Subcommittee on Social Security of the
Committee on Ways and Means, House of Representatives, One Hundred Fifth Congress, First
Session, October 23, 1997, Volume 4
http://lynnjenkins.house.gov/index.cfm?sectionid=59
http://democrats.waysandmeans.house.gov/bill/hr-3621-social-security-earned-benefits-paymentact