Social Security is a social insurance program administered by the federal government. The program was created in 1935; it was designed to mitigate the financial damage caused by the Great Depression. Social Security provides monthly cash benefits to disabled people and the elderly. As of December 2013, 58 million people were receiving social security (social) benefits. Social security is not financially sustainable because there is a significant difference between the number of retirees and the number of workers contributing to the system. This high ratio of retirees per worker is wreaking havoc on the financial stability of Social Security. Fixing Social Security would require an increase in the Social Security tax, stricter disability eligibility requirements, and an increase in the payroll cap. Social Security is currently financed by the Social Security tax; this tax currently stands at 6.2% for employers and workers. Social Security spends $1.3 trillion annually on benefits for people with disabilities and the elderly (Reischauer). To prevent the Social Security deficit from skyrocketing, taxes must be increased. The aforementioned current tax rate represents $731 billion in annual revenue accrued by the Social Security Administration. A 1.4% increase in Social Security taxes would keep Social Security funded indefinitely. This proposal was reiterated in a report by the National Academy of Social Insurance, if tax rates were increased from 6.2 percent paid by both workers and employers (a total of 12.4 percent) to 7.7 percent each (or 15.4 percent in total). In other words, the deficit would be eliminated if workers and employers each paid 1.5 percent more of their wages in Social Security taxes. The idea of ​​raising Social Security taxes...... middle of paper ......d if Congress stops engaging in debilitating partisan bickering. Works Cited Miller, Mark. “It’s time to rise.” Reuters. Thomson Reuters, March 15, 2014. Web. April 16, 2014. Reich, Robert. "What is the 'Chained CPI,' Why It's Bad for Social Security, and Why the White House Shouldn't Talk About It (VIDEO)." » The Huffington Post. TheHuffingtonPost.com, April 4, 2013. Web. April 16, 2014. Reischauer, Robert D. and Charles P. Blahous, III. “Social security”. Summary of the directors' report. Social Security Administration, nd Web. April 14, 2014.Service, Jayna Omaye Medill News. "Senate Committee Uncovers Millions in Disability Fraud." The United States Today. Gannett, October 8, 2013. Web. April 16, 2014. “Social Security.” Benefits for people with disabilities. Np, and Web. April 16, 2014. “Social Security.” Benefits in current payment status. Social Security Administration, nd Web. April 16. 2014.