TAILIEUCHUNG - Gale Encyclopedia Of American Law 3Rd Edition Volume 9 P27

Gale Encyclopedia of American Law Volume 9 P27 fully illuminates today's leading cases, major statutes, legal terms and concepts, notable persons involved with the law, important documents and more. Legal issues are fully discussed in easy-to-understand language, including such high-profile topics as the Americans with Disabilities Act, capital punishment, domestic violence, gay and lesbian rights, physician-assisted suicide and thousands more. | 248 SOCIAL SECURITY ACT OF 1935 Medicare s hospital insurance is financed by a payroll tax of percent divided equally between employers and employees. The money is placed in a trust fund and invested in . Treasury securities. The fund accumulated a surplus during the 1980s and early 1990s. It was projected that the fund would run out of money by the early 2000s as outlays arose more rapidly than future payroll tax revenues but this proved not to be the case. The Future of Social Security From its modest beginnings social security has grown to become an essential facet of modern life. In 1940 slightly more than 222 000 people received monthly social security benefits. In 2008 51 million people received benefits totaling 615 billion from Social Security. By the 1980s the social security Program faced a serious long-term financing crisis. President ronald reagan appointed a blueribbon panel known as the Greenspan Commission to study the issues and recommend legislative changes. The final bill signed into law in 1983 Pub. L. 98-21 97 Stat. 65 made numerous changes in the Social Security and Medicare Programs these changes included taxing Social Security benefits extending Social Security coverage to federal employees and increasing the retirement age in the twenty-first century. By the 1990s however concerns were again raised about the long-term financial viability of Social Security and Medicare. Various ideas and plans to ensure the financial stability of these programs were put forward. The budget committees in both the house of representatives and the senate established task forces to investigate proposals for Social Security reform. other task forces such as one established by the National Conference of state Legislatures investigated the impact of social security reform on interests at the state and local levels. By the end of the 1990s the federal government had achieved a budget surplus and President bill clinton and some members of Congress advocated .