Should Social Security Be Required or voluntary Essay

Should Social Security Be Required or voluntary - Essay Example Social security is an entitlement program whereby the Congress can make changes to the benefits and eligibility of workers thus workers paying in to the social security system do not necessarily have right to receive any guaranteed benefits at the end of retirement3. Currently, billions of US dollars are spend in financing the programs through deductions on payrolls of employees and government expenditure. The social security programs also cover the unemployed and those incapable of getting employment due to disability and other disadvantages. There is an intense debate on whether social security should be a required or voluntary due to the mandatory payroll deductions and the high government tax revenues that are spend in financing the programs4. Social security is a major political issue that has attracted strong opinions across the US demographic segments. Proponents of social security maintain that it should be required while opponents of the system assert that it should be volun tary5. The debate of social security is centered on various major philosophical arguments such as the right of ownership and choice of private investment alternatives that will guarantee personal retirement income. In addition, another controversial argument that surrounds the social security is the right of the government to collect payroll taxes and finances social security and importance of wealth redistribution in the society. Accordingly, intergenerational rights such as right of those living today and the ability to impose financial burden to future generations is also a topic of intense debate in determining whether it should be required or voluntary6. Some people argue that social security is a charitable safety net while others hold that it is an earned benefit program. The other controversial debate attached to the topic is the trade-off between private wealth creation and social insurance. Thesis statement: social security should be voluntary. Opponents of social security assert that it should be voluntary since Americans will not be capable of sustaining the needs of the social security system in the future and the growing middle class should have the freedom to invest for their retirement7. Middle-income individuals pay a high proportion of their income to the program in order to secure their retirement thus hindering any opportunities for making personal viable savings and investments. Since the social security systems does not create any meaningful wealth, the benefits that individuals get after retirement are just financed by the current tax payers thus making the social security system unsustainable8. For instance, Medicare and social security accounted for 38 percent of the federal spending in 2012 fiscal year and estimates point out that the current federal spending on the programs will exceed the federal GDP growth by 2030. Accordingly, the US is currently experiencing low employment rate and increasingly aging population, thus the projecte d collections from employment will be less than the high spending that will be caused by the high number of aged individual. Accounting to the 2013 edition of the annual trustee’s reports of Medicare and Social security, the reports indicate that the trust funds must be abolished. The report indicates that 2012 Medicare benefits and social securi

College of Business Personal Statement Example | Topics and Well Written Essays - 750 words

College of Business - Personal Statement Example As what the College of Business website admonishes its visitors to do - "explore our programs, our people and our ideas. Be part of a brilliant future" (University of Illinois). The wholistic approach towards business education which the University offers to its students will definitely help me achieve this. The school does not only prepare its students theoretically but it also gives opportunity to practical applications through its internship program as well as the faculty members who had ample experience in the field. This brand of education from the University will be my invincible weapon to survive the battle ground. Accordingly, in several occasions I have seen how a well-grounded education as well as deep appreciation of one's culture can help a person succeed not only personally and professionally but for the whole country as well. Summer of 2006, I had a chance to visit Japan. Even though I stayed there for just a short time, I was impressed with how passionate the Japanese people are over their continuing search for the latest skill such as electronic gadgets, animation, and fashion without taking for granted their own culture and respecting other people's culture. The Japanese continuously study and train to improve in their field. They even get their education and training from abroad after which they go back to their country to bring their learning back home. I humbly say that all these professionals form part of their human capital. Through the education of College of Business, I will be able to understand how the universal economy works and may be able to bring these gigantic influences to my home country, Korea. During a high school career fair, I met a woman who is a proud and successful graduate of the University of Illinois at Urbana Champaign with accounting degree. Her success brought her to South Korea to work for Samsung, one of the biggest companies in my home country. She shared her thoughts about Korean culture and doing business in my country. Importantly, she explained to me how Korean culture reflects the trend of Korea economy in subtle form. This short conversation with her led me to assure that I need to go into College of Business to study accounting and comprehend the business world of Asia. The woman's talk inspired me to follow her footsteps. In both instances (Japan and the woman from Samsung), I realized the huge potential of the Asian market in the world economy. Being an Asian myself who is studying in a Western country, I wish to explore this market more deeply and contribute further to transform Asia into an equally competitive market to the global world. Furthermore, I personally realized that the money really does control the world (comment: I though you didn't want to emphasize money, I suggest we delete this sentence). Through studying the accounting thoroughly, I wish to be part of the business world with fullness of experience and achieve the development of not only my own country but also the wholeness of Asia. Thus, getting a good education from an established school like the University of