Social Security for Developing Countries

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SOCIAL SECURITY FOR DEVELOPING NATIONS

“If a free society cannot help the many who are poor; it cannot save the few who are rich.”
~ John F. Kennedy, Kennedy’s Inaugural address of 1961.

"Social Security. . . reflects some of our deepest values--the duties we owe to our parents, the duties we owe to each other when we’re differently situated in life, the duties we owe to our children and our grandchildren. Indeed, it reflects our determination to move forward across generations and across the income divides in our country, as one America."
~ William J. Clinton

INTRODUCTION

Social security is a program that uses public funds to provide economic security to the public in case they suffer from a contingency.
Usually Germany is known as the first country to have started with this program. It was designed by the German Chancellor, Otto von Bismarck. It was done by him to promote the well-being of workers for an efficient economy. Although social security tends towards socialism, Bismarck was a staunch “right” supporter. In fact, he launched this plan to stave off proposals of radical socialism.
The American Civil War also saw some true government relief programmes that could be called as social security programmes. The Civil War Pension Program was signed into law in 1862 and provided funds to American soldiers who were disabled in battle.
In 1937, Franklin Roosevelt signed the Social Security Act. In 1950, social security also adjusted it according to the prevalent inflation rates. In 2005 President Bush pushes for partial privatization although the plan slowly died. The concept of a welfare state developed along with that of social security.

DOES IT REALLY WORK?

Social security is also abused by several people and there is no effective measure to counter that. In developing countries it also arrives late. It provides people with a false sense…...

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