Federal Government Policy Program Social Security

Federal Government Policy Program: Social Security
Introduction
It should be noted, from the onset, that the federal government has in place a number of programmes and policies to enable it accomplish its various obligations and objectives in diverse sectors of the economy. In basic terms, the said programmes and policies are meant to promote the wellbeing of citizens. To a large extent each and every economic sector has specific/special policies. Examples of federal government policy programs include, but they are not limited to energy independence, welfare, Social Security, healthcare programs, etc. This text concerns itself with Social Security. In so doing, it will amongst other things evaluate the said policy with an intention of establishing how successful it has been.
Social Security Platforms
According to the Social Security Administration – SSA (2020), Social Security has for the past 80 years advanced financial protection to citizens of the U.S. Indeed, according to SSA (2020), “with retirement, disability, and survivors benefits, Social Security is one of the most successful anti-poverty programs in our nation's history.” Today, millions of people from across the country are largely dependent upon Social Security benefits which account for either their total income, or a significant chunk of the same. In basic terms, Social Security benefits could be categorized into four, i.e. supplemental benefits, survivor benefits, disability benefits, and retirement benefits. While retirement benefits are advanced to persons over a certain age (i.e. those who happen to be more than 62 years old) and have been in active employment for a period of more than a decade, disability benefits are meant to avail assistance to persons who are unable to work or function as a consequence of one disability or another. Survivor benefits on the other hand avail the necessary financial support to retirees’ and workers’ survivors. These include, but they are not limited to children, widowers, widows, etc. Lastly, we have supplemental benefits. These could be described as income advanced to persons whose wages are insufficient to support their basic needs. These are the Social Security platforms that will be evaluated in the subsequent sections of this text.
Evaluation
According to Biggs and Helms (2006), the relevance of program evaluation cannot be overstated when it comes to the assessment of how successful a program is. Indeed, in the words of the authors, “program evaluations are individual systematic studies conducted periodically or on an ad hoc basis to assess how well a program is working” (249). In a 2014 Economic Report of the President, program evaluation was defined as a key tool for the further improvement of programs of the federal government (Council of Economic Advisers, 2014). Under most circumstances, program evaluations are undertaken by persons who are not internal to the program. To a large extent, program evaluation in the public sector differs from that in the pubic sector. This is more so the case when it comes to not only the conduct of evaluations, but also the tools of the said evaluation, as well as the objectives. In essence, in the public sector, successful program evaluation comes in handy in the promotion of public accountability. According to Biggs and Helms (2006), GAO comes up with several distinct types of program evaluations. These, according to the authors, are; a cost-effectiveness or cost benefit evaluation, an impact evaluation, an outcome evaluation, and a process evaluation. In this discussion, an impact evaluation has been selected as the preferred evaluation method. Biggs and Helms (2006), define impact evaluation as an assessment of “the net effect of a program by comparing program outcomes with an estimate of what would have happened in the absence of the program” (250).
1. Retirement Benefits
For most baby boomers, particularly those born in 1954, this is their retirement year. They will be attaining their full retirement age of 66 this year. It is also important to note that it is during this year that these retirees will begin claiming their Social Security benefits. It should however be noted that workers are allowed to claim their benefits earlier, i.e. 4 years prior to attaining the retirement age of 66. However, this means that their benefits will be lower going forward – with SSA pointing out that the benefits the retiree is able to access in this case happens to be approximately 28.3% lower than would be the case if the benefits were claimed upon attaining the full retirement age. At present, as the SSA (2020) points out, for a worker who has attained the full retirement age, the average Social Security happens to be $18,036 per annum. To a large extent, this is a decent token for a retiree to take care of his or her basic needs. This is the net effect from the perspective of impact evaluation, the preferred evaluation method I have embraced in this text. It therefore follows that in the absence of the program, we would have many destitute retirees struggling to make ends meet following their exit from the active workforce.
2. Disability Benefits
Disability benefits come in handy for persons who are no longer able to function at their full capacity as a consequence of suffering a disability. In basic terms, disability benefits are paid out to an individual who has worked for a significant period of time but suffers a condition that renders him or her incapable of executing key work-related functions for a minimum period of 1 year. Certain family members are also able to access the said benefits. To access the benefits, the disability suffered ought to satisfy the Social Security Administration’s definition of disability and the said disability must not be short-term or partial. According to Burkhauser and Daly (2011), for most persons, suffering a disability could be fatal. This, according to the authors, is more so the case given that most people rely on their mobility and bodily functions to perform in their respective roles. Thus, a disability effectively threatens the financial and emotional wellbeing of the affected person as well as their dependents. For this reason, the relevance of disability benefits cannot be overstated in seeking to cushion those who suffer activity limitations and impairments from destitution. The amount an individual receives in Social Security disability benefits varies depending of several factors, such as his or her average lifetime earnings. The average payment at present happens to be $15,096 per annum (SSA, 2020).
3. Survivor Benefits
Survivor benefits are designed to support the families as well as dependents of deceased workers. Thus, in effect, the family and dependents of a worker who is eligible for Social Security benefits following his or her attainment of the full retirement age are entitled to a percentage of the said benefits following the death of the said worker. It therefore follows that survivor benefits come in handy in seeking to help persons who lose their loved ones get through – with those who are primed to benefit in this case being inclusive of widows and widowers (including those who are unmarried at the time of their partner’s demise) as well as persons who are identified as dependents (i.e. the worker’s parents, adopted children, etc.) (SSA, 2020). For most persons, the death of a person who served as the breadwinner could usher in a life of destitution. In addition to lacking basic needs, those who are largely dependent on the deceased person could miss out on other key needs such as education. It therefore follows that survivor benefits are instrumental in seeking to advance some assistance to those left behind following the death of a person whom they relied on for support.
4. Supplemental Security Income Benefits
According to SSA (2020), this particular program “pays benefits to disabled adults and children who have limited income and resources” as well as to persons who are “65 and older without disabilities who meet the financial limits.” For persons having very limited financial resources and income, life could be really tough without a benefit program of this nature. This is more so the case given that they have to take care of their living expenses and pay bills like everybody else. It therefore follows that the monthly cash disbursements come in handy in seeking to ensure that those eligible are able to meet their most basic needs. At present, a maximum of $9,396 per annum is paid out per annum to those who qualify at the individual level (SSA, 2020). On the other hand, couples are eligible for a maximum of $14,100 per annum (SSA, 2020).
Conclusion
In the final analysis, it should be noted that although Social Security is largely identified with retiree payouts, it does indeed have other structured benefit plans as has been highlighted in this text. Using the appropriate evaluation tool, it has been shown that the Social Security program outcomes are of great relevance in the maintenance of the financial and emotional stability, as well as general wellbeing of the citizens of this great nation. The evaluation above also indicates that Social Security as a whole avails some level of insurance that would ordinarily be unavailable in normal free market scenarios, i.e. in the private markets. Thus, to a large extent, we could conclude that Social Security effectively helps address annuity market and private insurance shortcomings and offers the citizens of this great nation the means to meet their basic needs.
References
Burkhauser, R.V. & Daly, M.C. (2011). The Declining Work and Welfare of People with Disabilities: What Went Wrong and a Strategy for Change. Washington, DC: AEI Press.
Biggs, S. & Helms, L.B. (2006). The Practice of American Public Policymaking. New York, NY: Routledge.
Council of Economic Advisers (2014). Economic Report of the President. Washington, DC: Government Printing Office.
Social Security Administration – SSA (2020). Benefits. Retrieved from https://www.ssa.gov/benefits/