Social Security Essay Example | Topics and Well Written Essays - 750 words - 1

Social Security - Essay Example The funds are formally entrusted to the Federal Disability Insurance Trust Fund, the Federal Old Age and Survivors Insurance Trust Fund, Federal Supplementary Medical Insurance Trust Fund and the Federal Medical Insurance Trust Fund. These bodies comprise the Social Security Trust Funds. Only with a few exceptions, all salaried incomes in the United States have SECA taxes or FICA taxes collected on them. In addition, all legal residents of the United States working within its boundaries now have a Social Security Number and are beneficiaries of the trust fund with just a few exceptions. In essence, almost all legal residents of the United States, both working and non-working, have the Social Security Number. This is because the number is needed to do almost all basic things in the states; from acquiring a job to paying taxes to IRS (Harbotle & Weigand, 2013). Social Security Program did not arrive in America until 1935. There was, however, one precursor that signified the current Social Security Program to a section of Americans before the arrival of the contemporary program of social security. Following the Civil War in the country, there were thousands of disabled war veterans, orphans and widows. Immediately after the war, a majority of Americans were either disabled or helpless dependents of diseased breadwinners. The situation led to the development of a generosity pension program with the same features as Social Security Program that would later develop. For soldiers, a pension program was passed long before the establishment of the Social Security Program (in 1776 even before the signing of Declaration of Independence). All through the country’s ante-bellum period, the government paid pensions of limited types to all veterans of various wars. The first fully fledged pension developed in America for the maiden time upon the creation of Civil War Pensions. In January 1935, Committee on Economic Security introduced