Accounting / Finance Is Social Article Review

PAGES
2
WORDS
718
Cite

Social Security is a big insurance collection into which all working people contribute. The current Social Security system is similar to an underfunded pension. Underfunded does not mean that it is in a dilemma, but that its funds are not sufficient to pay future benefits without gathering future tax revenues. Ultimately, Congress will have to deal with whether to change Social Security. Politically, much of the support for the program stems from the awareness that it is an earned benefit, not a welfare program. But in a time of fiscal strictness, Congress should at least think about whether it makes sense that an increase in taxes to finance the system automatically increases the benefits paid to those who need help the least.

Even though Social Security is often compared to private pensions, it shouldn't be since it is truly a social insurance program and not a retirement plan. Social Security started out as a good idea but I'm not sure that it was thought through completely from the beginning. Those who created...

...

There are many people today that question whether or not there will be any money left in the Social Security program to be distributed when it comes time for them to retire. I think that not only does Congress have to look at changing the way in which this program is funded but also there needs to be an education program put into place to inform the American public. They need to be educated that Social Security is not a pension plan and should not be thought of as one. People need to stop thinking that this is what they are going to retire on and make alternate plans in case that money really isn't there in the end.

Sources Used in Documents:

References


Cite this Document:

"Accounting Finance Is Social" (2010, November 08) Retrieved April 25, 2024, from
https://www.paperdue.com/essay/accounting-finance-is-social-6996

"Accounting Finance Is Social" 08 November 2010. Web.25 April. 2024. <
https://www.paperdue.com/essay/accounting-finance-is-social-6996>

"Accounting Finance Is Social", 08 November 2010, Accessed.25 April. 2024,
https://www.paperdue.com/essay/accounting-finance-is-social-6996

Related Documents

Finance/Management Accounting The topic of finance and managerial accounting inclusively, are broad and incorporate a critical skill set in the modern day business student. Finance involves corporate and investment finance and managerial accounting is complimentary as it involves cost accounting and essentially stresses cost management. Together, these topics provide a comprehensive financial analysis skill set yielding capability in solving the day's most critical business financial quandaries. The literature review will seek

Accounting in British Petroleum Scope, Aims, and Objectives The research project proposed herein will examine the role of accounting in the past progression and current situation of British Petroleum, the company that came under intense public scrutiny last year due to the Deepwater Horizon oil spill that occurred in the Gulf of Mexico (Urbina 2010). In the ensuing year since the accident in the Gulf, however, interest in BP and its internal

Accounting Theory
PAGES 11 WORDS 3495

Accounting Theory Over the year, the world scholars continue to evaluate the economics of the world to understand their functioning. In this course, they developed the subject of accounting to assess the frameworks of financial principles. The accounting theory in discussion involves reviewing the historical foundations of financial reporting and creating new models of reporting the financial developments and exchanges (Richards, 2009, p. 17). Accounting theory evolves continually; thus, there are

Accounting and Intrusion Detection In a report issued by Paladin Technologies, Inc., entitled: "Security Metrics: Providing Cost Justification for Security Projects," 273 organizations were surveyed on the topic of security. The report illustrates in quantifiable terms the depth and reach of intrusion detection on the financial viability of the organization. The combined reported losses from the firms surveyed totaled $265.6 million in 1999. The highest loss categories were reported as follows: Type

Accounting Theory
PAGES 9 WORDS 3038

Accounting Theory Why accounting research has had so little impact on preventing such failures in accounting practice? The modern economic society has seen many scientific researches that have been directed at establishing the nature of performance of economic activities. The present world is a literate society that depends on the technicalities of life and assumption of activities as they happen in the natural society. In order to have a genuine avenue of

Accounting standards and IFRS adoption in Cambodia and Thailand The significance of accounting standards Accounting may be considered as a business language through which the statistical results can be acquired which help in analyzing how well the firm is functioning. They give out timely statements of these statistics and help the stakeholders get all the information they need. Accounting is like a separate language which has its own grammar and these outlines