1.
Treasurer of the United States
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Responsibility for oversight of the Bureau of Engraving and Printing, the United States Mint, and the United States Savings Bonds Division was assigned to the Treasurer in 1981. As of 2002 the Office of the Treasurer underwent a major reorganization, the Treasurers signature, as well as the Treasury Secretarys, appear on Federal Reserve Notes. President Harry S. Truman appointed Georgia Neese Clark as the first woman Treasurer in 1949, since then, every subsequent Treasurer has been a woman, and six of the past ten Treasurers have also been Hispanic. Since 1949, the length of time the office has been vacant totals 3,371 days, Treasurers of the United States United States Department of the Treasury
2.
United States Department of the Treasury
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The Department of the Treasury is an executive department and the treasury of the United States federal government. It was established by an Act of Congress in 1789 to manage government revenue, the Department is administered by the Secretary of the Treasury, who is a member of the Cabinet. On February 13,2017, the Senate confirmed Steven Mnuchin as Secretary of the Treasury, the first Secretary of the Treasury was Alexander Hamilton, who was sworn into office on September 11,1789. Hamilton was asked by President George Washington to serve after first having asked Robert Morris, Hamilton almost single-handedly worked out the nations early financial system, and for several years was a major presence in Washingtons administration as well. His portrait is on the obverse of the U. S. ten-dollar bill while the Treasury Department building is shown on the reverse. Besides the Secretary, one of the best-known Treasury officials is the Treasurer of the United States whose signature, along with the Treasury Secretarys, the Treasury prints and mints all paper currency and coins in circulation through the Bureau of Engraving and Printing and the United States Mint. The Department also collects all federal taxes through the Internal Revenue Service, the Congress had no power to levy and collect taxes, nor was there a tangible basis for securing funds from foreign investors or governments. The delegates resolved to issue paper money in the form of bills of credit, the Congress stipulated that each of the colonies contribute to the Continental governments funds. With the signing of the Declaration of Independence on July 4,1776, despite the infusion of foreign and domestic loans to pay for a war of independence, the United Colonies were unable to establish a well-organized agency for financial administration. Michael Hillegas was first called Treasurer of the United States on May 14,1777, the Treasury Office was reorganized three times between 1778 and 1781. The $241.5 million of paper Continental Dollars devalued rapidly, by May 1781, the dollar collapsed at a rate of from 500 to 1000 to 1 against hard currency. Protests against the worthless money swept the colonies and angry Americans coined the expression not worth a Continental, Robert Morris was designated Superintendent of Finance in 1781 and restored stability to the nations finances. Morris, a colonial merchant, was nicknamed the Financier because of his reputation for procuring funds or goods on a moments notice. His staff included a Comptroller, a Treasurer, a Register, and auditors, who managed the finances through 1784. The Treasury Board of three Commissioners continued to oversee the finances of the confederation of former colonies until September 1789, the First Congress of the United States was called to convene in New York on March 4,1789, marking the beginning of government under the Constitution. Alexander Hamilton took the oath of office as the first Secretary of the Treasury on September 11,1789, Hamilton had served as George Washingtons aide-de-camp during the Revolution, and was of great importance in the ratification of the Constitution. Because of his financial and managerial acumen, Hamilton was a choice for solving the problem of the new nations heavy war debt. Hamiltons first official act was to submit a report to Congress in which he laid the foundation for the financial health
3.
Cabinet of the United States
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The Cabinet of the United States is composed of the most senior appointed officers of the executive branch of the government serving under the President. Aside from the Attorney General, the heads of the executive departments all receive the title of Secretary, all members of the Cabinet serve at the pleasure of the President, who can dismiss them at will for no cause. There is no definition of the term Cabinet in the United States Constitution. The name comes from a 17th-century usage for a room where advisors would meet. The term principal officers of the departments is also mentioned in the Twenty-fifth Amendment. The executive departments are listed in 5 U. S. C, under the 1967 Federal Anti-Nepotism statute, federal officials are prohibited from appointing their immediate family members to certain governmental positions, including those in the Cabinet. Under the Federal Vacancies Reform Act of 1998, an incoming administration may appoint acting heads of department from employees of the relevant department and these may be existing high-level career employees, from political appointees of the outgoing administration, or sometimes lower-level appointees of the incoming administration. The heads of the departments and all other federal agency heads are nominated by the President. If approved, they receive their commission scroll, are sworn in, an elected Vice President does not require Senate confirmation, nor does the White House Chief of Staff, which is an appointed staff position of the Executive Office of the President. 21 positions, including the heads of the departments and others. §5312, and those 46 positions on Level II pay are listed in 5 U. S. C, as of 2015, Level I annual pay, was set at $203,700. The annual salary of the Vice President is $235,300, the salary level was set by the Government Salary Reform Act of 1989, which also provides an automatic cost of living adjustment for federal employees. For a full list of people nominated for Cabinet positions, see Formation of Donald Trumps Cabinet, the Cabinet includes the Vice President and the heads of 15 executive departments, listed here according to their order of succession to the Presidency. The following officials hold positions that are considered to be Cabinet-level positions, Department of the Navy, headed by the Secretary of the Navy, became a military department within the Department of Defense. Post Office Department, headed by the Postmaster General, reorganized as the United States Postal Service, National Military Establishment, headed by the Secretary of Defense, created by the National Security Act of 1947 and recreated as the Department of Defense in 1949. Department of the Army, headed by the Secretary of the Army, Department of the Air Force, headed by the Secretary of the Air Force, became a military department within the Department of Defense. Secretary of Foreign Affairs, created in July 1781 and renamed Secretary of State in September 1789, Secretary of War, created in 1789 and was renamed as Secretary of the Army by the National Security Act of 1947. The 1949 Amendments to the National Security Act of 1947 made the Secretary of the Army a subordinate to the Secretary of Defense
4.
President of the United States
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The President of the United States is the head of state and head of government of the United States. The president directs the executive branch of the government and is the commander-in-chief of the United States Armed Forces. The president is considered to be one of the worlds most powerful political figures, the role includes being the commander-in-chief of the worlds most expensive military with the second largest nuclear arsenal and leading the nation with the largest economy by nominal GDP. The office of President holds significant hard and soft power both in the United States and abroad, Constitution vests the executive power of the United States in the president. The president is empowered to grant federal pardons and reprieves. The president is responsible for dictating the legislative agenda of the party to which the president is a member. The president also directs the foreign and domestic policy of the United States, since the office of President was established in 1789, its power has grown substantially, as has the power of the federal government as a whole. However, nine vice presidents have assumed the presidency without having elected to the office. The Twenty-second Amendment prohibits anyone from being elected president for a third term, in all,44 individuals have served 45 presidencies spanning 57 full four-year terms. On January 20,2017, Donald Trump was sworn in as the 45th, in 1776, the Thirteen Colonies, acting through the Second Continental Congress, declared political independence from Great Britain during the American Revolution. The new states, though independent of each other as nation states, desiring to avoid anything that remotely resembled a monarchy, Congress negotiated the Articles of Confederation to establish a weak alliance between the states. Out from under any monarchy, the states assigned some formerly royal prerogatives to Congress, only after all the states agreed to a resolution settling competing western land claims did the Articles take effect on March 1,1781, when Maryland became the final state to ratify them. In 1783, the Treaty of Paris secured independence for each of the former colonies, with peace at hand, the states each turned toward their own internal affairs. Prospects for the convention appeared bleak until James Madison and Edmund Randolph succeeded in securing George Washingtons attendance to Philadelphia as a delegate for Virginia. It was through the negotiations at Philadelphia that the presidency framed in the U. S. The first power the Constitution confers upon the president is the veto, the Presentment Clause requires any bill passed by Congress to be presented to the president before it can become law. Once the legislation has been presented, the president has three options, Sign the legislation, the bill becomes law. Veto the legislation and return it to Congress, expressing any objections, in this instance, the president neither signs nor vetoes the legislation
5.
United States Senate
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The United States Senate is the upper chamber of the United States Congress which, along with the House of Representatives, the lower chamber, composes the legislature of the United States. The composition and powers of the Senate are established by Article One of the United States Constitution. S. From 1789 until 1913, Senators were appointed by the legislatures of the states represented, following the ratification of the Seventeenth Amendment in 1913. The Senate chamber is located in the wing of the Capitol, in Washington. It further has the responsibility of conducting trials of those impeached by the House, in the early 20th century, the practice of majority and minority parties electing their floor leaders began, although they are not constitutional officers. This idea of having one chamber represent people equally, while the other gives equal representation to states regardless of population, was known as the Connecticut Compromise, there was also a desire to have two Houses that could act as an internal check on each other. One was intended to be a Peoples House directly elected by the people, the other was intended to represent the states to such extent as they retained their sovereignty except for the powers expressly delegated to the national government. The Senate was thus not designed to serve the people of the United States equally, the Constitution provides that the approval of both chambers is necessary for the passage of legislation. First convened in 1789, the Senate of the United States was formed on the example of the ancient Roman Senate, the name is derived from the senatus, Latin for council of elders. James Madison made the comment about the Senate, In England, at this day, if elections were open to all classes of people. An agrarian law would take place. If these observations be just, our government ought to secure the permanent interests of the country against innovation, landholders ought to have a share in the government, to support these invaluable interests, and to balance and check the other. They ought to be so constituted as to protect the minority of the opulent against the majority, the senate, therefore, ought to be this body, and to answer these purposes, the people ought to have permanency and stability. The Constitution stipulates that no constitutional amendment may be created to deprive a state of its equal suffrage in the Senate without that states consent, the District of Columbia and all other territories are not entitled to representation in either House of the Congress. The District of Columbia elects two senators, but they are officials of the D. C. city government. The United States has had 50 states since 1959, thus the Senate has had 100 senators since 1959. In 1787, Virginia had roughly ten times the population of Rhode Island, whereas today California has roughly 70 times the population of Wyoming and this means some citizens are effectively two orders of magnitude better represented in the Senate than those in other states. Seats in the House of Representatives are approximately proportionate to the population of each state, before the adoption of the Seventeenth Amendment in 1913, Senators were elected by the individual state legislatures
6.
Alexander Hamilton
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Alexander Hamilton was an American statesman and one of the Founding Fathers of the United States. As the first Secretary of the Treasury, Hamilton was the author of the economic policies of the George Washington administration. He took the lead in the funding of the debts by the Federal government, as well as the establishment of a national bank, a system of tariffs. His vision included a central government led by a vigorous executive branch. This was challenged by Virginia agrarians Thomas Jefferson and James Madison who formed a rival party and they favored strong states based in rural America and protected by state militias as opposed to a strong national army and navy. They denounced Hamilton as too friendly toward Britain and toward monarchy in general, Hamilton was born out of wedlock in Charlestown, to a married mother of British and French Huguenot ancestry and a Scottish father. His father, James A. Hamilton, was the son of laird Alexander Hamilton of Grange. Orphaned as a child by his mothers death and his fathers abandonment, Hamilton was taken in by an older cousin and he was recognized for his intelligence and talent, and sponsored by a group of wealthy local men to travel to New York City to pursue his education. Hamilton attended Kings College, choosing to stay in the Thirteen Colonies to seek his fortune, discontinuing his studies before graduating when the college closed its doors during British occupation of the city, Hamilton played a major role in the American Revolutionary War. At the start of the war in 1775, he joined a militia company, in early 1776, he raised a provincial artillery company, to which he was appointed captain. He soon became the aide to General Washington, the American forces commander-in-chief. Hamilton was dispatched by Washington on numerous missions to convey plans to his generals, after the war, Hamilton was elected as a representative to the Congress of the Confederation from New York. He resigned to practice law, and founded the Bank of New York, Hamilton was among those dissatisfied with the weak national government. He led the Annapolis Convention, which successfully influenced Congress to issue a call for the Philadelphia Convention in order to create a new constitution, Hamilton became the leading cabinet member in the new government under President Washington. These programs were funded primarily by a tariff on imports, to overcome localism, Hamilton mobilized a nationwide network of friends of the government, especially bankers and businessmen, which became the Federalist Party. A major issue in the emergence of the American two-party system was the Jay Treaty and it established friendly trade relations with Britain, to the chagrin of France and the supporters of the French Revolution. Hamilton played a role in the Federalist party, which dominated national. In 1795, he returned to the practice of law in New York and he tried to control the policies of President Adams
7.
United States presidential line of succession
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The line of succession is delineated by the United States Constitution and the Presidential Succession Act of 1947 as subsequently amended to include newly created cabinet offices. To be eligible to serve as President, a person must be a natural-born U. S. citizen, at least thirty-five years of age, and a resident within the United States for at least 14 years. These eligibility requirements are specified both in the U. S. Constitution, Article II, Section 1, Clause 5, the 1886 Act refers to such officers as shall have been appointed by the advice and consent of the Senate to the office therein named. The current act merely refers to officers appointed, by and with the advice, read literally, this means that the current act allows for acting secretaries to be in the line of succession as long as they are confirmed by the Senate for a post. It is common for a second in command to become acting secretary when the secretary leaves office, though there is some dispute over this provision, the language clearly permits acting secretaries to be placed in the line of succession. Two months after succeeding Franklin D. Roosevelt, President Harry S, the Secretary of State and the other Cabinet officials are appointed by the President, while the Speaker of the House and the President pro tempore of the Senate are elected officials. The Congress approved this change and inserted the Speaker and the President pro tempore in line, in his speech supporting the changes, Truman noted that the House is more likely to be in political agreement with the President and Vice President than the Senate. The succession of a Republican to a Democratic Presidency would further complicate an already unstable political situation, however, when the changes to the succession were signed into law, they placed Republican House Speaker Joseph W. Martin first in the line of succession after the Vice President. Some of Trumans critics said that his ordering of the Speaker before the President pro tempore was motivated by his dislike of the then-current holder of the latter rank, Senator Kenneth McKellar. Further motivation may have been provided by Trumans preference for House Speaker Sam Rayburn to be next in the line of succession, rather than Secretary of State Edward R. Stettinius, Jr. The line of succession is mentioned in three places in the Constitution, in Article II, Section 1, in Section 3 of the 20th Amendment, the current such law governing succession is the Presidential Succession Act of 1947. Finally, Section 3 allows the Congress to provide by law for cases in which neither a President-elect nor a Vice President-elect is eligible or available to serve. The 25th Amendment, ratified in 1967, clarified Article II, Section 1 and he or she becomes President if the President dies, resigns or is removed from office. The amendment also provides for the situation where the President is temporarily disabled, the amendment also provides for Vice Presidential succession, by requiring Vice Presidential vacancies to be filled by the President and confirmed by both houses of the Congress. Until the disability be removed, or a President elected and this originally left open the question whether the same refers to the said office or only the powers and duties of the said office. Nonetheless, Tyler adhered to his position, even returning, unopened, tylers view ultimately prevailed when the Senate voted to accept the title President, and this precedent was followed thereafter. The Amendment does not specify whether officers other than the Vice President can become President rather than Acting President in the set of circumstances. The Presidential Succession Act refers only to other acting as President rather than becoming President
8.
United States Attorney General
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The United States Attorney General is the head of the United States Department of Justice per 28 U. S. C. §503, concerned with affairs, and is the chief law enforcement officer. The 84th and current Attorney General is Jeff Sessions, who assumed the office on February 9,2017, the attorney general serves as a member of the Cabinet of the President of the United States and is the only cabinet officer who does not have the title Secretary of. The Attorney General is appointed by the President and takes office after confirmation by the United States Senate, the office of Attorney General was established by Congress by the Judiciary Act of 1789. In 1870, the Department of Justice was established to support the general in the discharge of their responsibilities. Parties No party Federalist Democratic-Republican Democratic Whig Republican Status As of April 2017, there are eleven, living former US Attorneys General, the most recent Attorney General to die was Janet Reno on November 7,2016. Barr served as acting general in their capacity as deputy attorney general. 2 Richard L. Thornburgh and Eric Holder served as acting general in their capacity as deputy attorney general. Both subsequently served as general, Thornburgh 1988–1991 and Holder 2009–2015. 4 Assistant Attorney General for the DOJ Civil Division Stuart M. Gerson was acting general from January 20,1993. Gerson was fourth in the line of succession at the Justice Department, during his time as Acting AG, Gerson supported the Brady bill and was in office in the beginnings of the Waco siege. Janet Reno, President Clintons nominee for attorney general, was confirmed on March 12, Acting Attorney General Gersons last day at the Justice Department was March 19. 5 On August 27,2007, President Bush named Solicitor General Paul Clement as the acting attorney general, to take office upon the resignation of Alberto Gonzales. According to administration officials, Clement took that office at 12,01 am September 17,2007, keisler served as acting attorney general until the nomination of Michael Mukasey on November 9,2007. 6 Deputy Attorney General Mark Filip was asked to assume the position of acting attorney general by then President-elect Obama, Filip led the Department while President Obamas nominee, then Attorney-General Designate Eric Holder, awaited confirmation by the United States Senate. Holder was confirmed on February 2,2009, and sworn in the next day, thus ending Filips tenure as the acting attorney general
9.
United States Secretary of Defense
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The Secretary of Defense is the leader and chief executive officer of the Department of Defense, an Executive Department of the Government of the United States of America. The Secretary of Defenses power over the United States military is only to that of the President. This position corresponds to what is known as a Defense Minister in many other countries. The Secretary of Defense is appointed by the President with the advice and consent of the Senate, Secretary of Defense is a statutory office, and the general provision in 10 U. S. C. This is also extended to the United States Coast Guard during any period of time in which its command, only the Secretary of Defense can authorize the transfer of operational control of forces between the three Military Departments and the nine Combatant Commands. The current Secretary of Defense is retired United States Marine Corps general James Mattis, the Army, Navy, and Marine Corps were established in 1775, in concurrence with the American Revolution. Based on the experiences of World War II, proposals were made on how to more effectively manage the large combined military establishment. The Army generally favored centralization while the Navy had institutional preferences for decentralization, the resulting National Security Act of 1947 was largely a compromise between these divergent viewpoints. The Act merged the Department of War with the Department of the Navy to form the National Military Establishment, the Act also separated the Army Air Forces from the Department of the Army to become its own branch of service, the Department of the Air Force. At first, each of the service secretaries maintained quasi-cabinet status, the position of the Deputy Secretary of Defense, the number two position in the department, was also created at this time. The last major revision of the framework concerning the position was done in the Goldwater–Nichols Department of Defense Reorganization Act of 1986. In particular, it elevated the status of joint service for commissioned officers, making it in practice a requirement before appointments to general officer and flag officer grades could be made. Because the Constitution vests all military authority in Congress and the President, as the head of DoD, all officials, employees and service members are under the Secretary of Defense. All of these positions, civil and military, require Senate confirmation. Department of Defense Directive 5100.01 describes the relationships within the Department. The latest version, signed by former Secretary of Defense Robert Gates in December 2010, is the first major re-write since 1987, the name of the principally military staff organization, organized under the Chairman of the Joint Chiefs of Staff, is the Joint Staff. In addition, there is the Joint Meritorious Unit Award, which is the ribbon and unit award issued to joint DoD activities. While the approval authority for DSSM, DMSM, JSCM, JSAM and JMUA is delegated to inferior DoD officials, Permanent Representative to NATO in recognition of U. S
10.
Coins of the United States dollar
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Coins of the United States dollar were first minted in 1792. New coins have been produced annually since then and they make up an aspect of the United States currency system. Today, circulating coins exist in denominations of 1¢, 5¢, 10¢, 25¢, 50¢, also minted are bullion and commemorative coins. All of these are produced by the United States Mint, the coins are then sold to Federal Reserve Banks which in turn are responsible for putting coins into circulation and withdrawing them as demanded by the countrys economy. Today four mints operate in the United States producing billions of coins each year, the main mint is the Philadelphia Mint, which produces circulating coinage, mint sets and some commemorative coins. The Denver Mint also produces circulating coinage, mint sets and commemoratives, the San Francisco Mint produces regular and silver proof coinage, and produced circulating coinage until the 1970s. The West Point Mint produces bullion coinage, Philadelphia and Denver produce the dies used at all of the mints. The proof and mint sets are manufactured each year and contain examples of all of the circulating coins. The producing mint of each coin may be identified, as most coins bear a mint mark. The identifying letter of the mint can be found on the front side of most coins, unmarked coins are issued by the Philadelphia mint. The mass and composition of the cent changed to the current copper plated zinc core in 1982, both types were minted in 1982 with no distinguishing mark. Cents minted in 1943 were struck on planchets punched from zinc coated steel which left the resulting edges uncoated and this caused many of these coins to rust. These steel pennies are not likely to be found in circulation today, the wheat cent was mainstream and common during its time. Some dates are rare, but many can still be found in circulation, nickels produced from mid-1942 through 1945 were manufactured from 56% copper, 35% silver and 9% manganese. This allowed the saved nickel metal to be shifted to production of military supplies during World War II. Few of these are found in circulation. Prior to 1965 and passage of the Coinage Act of 1965 the composition of the dime, quarter, half-dollar and dollar coins was 90% silver, the half-dollar continued to be minted in a 40% silver-clad composition between 1965 and 1970. Dimes and quarters from before 1965 and half-dollars from before 1971 are generally not in circulation due to being removed for their silver content, in 1975 and 1976 bicentennial coinage was minted
11.
United States dollar
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The United States dollar is the official currency of the United States and its insular territories per the United States Constitution. It is divided into 100 smaller cent units, the circulating paper money consists of Federal Reserve Notes that are denominated in United States dollars. The U. S. dollar was originally commodity money of silver as enacted by the Coinage Act of 1792 which determined the dollar to be 371 4/16 grain pure or 416 grain standard silver, the currency most used in international transactions, it is the worlds primary reserve currency. Several countries use it as their currency, and in many others it is the de facto currency. Besides the United States, it is used as the sole currency in two British Overseas Territories in the Caribbean, the British Virgin Islands and Turks and Caicos Islands. A few countries use the Federal Reserve Notes for paper money, while the country mints its own coins, or also accepts U. S. coins that can be used as payment in U. S. dollars. After Nixon shock of 1971, USD became fiat currency, Article I, Section 8 of the U. S. Constitution provides that the Congress has the power To coin money, laws implementing this power are currently codified at 31 U. S. C. Section 5112 prescribes the forms in which the United States dollars should be issued and these coins are both designated in Section 5112 as legal tender in payment of debts. The Sacagawea dollar is one example of the copper alloy dollar, the pure silver dollar is known as the American Silver Eagle. Section 5112 also provides for the minting and issuance of other coins and these other coins are more fully described in Coins of the United States dollar. The Constitution provides that a regular Statement and Account of the Receipts and that provision of the Constitution is made specific by Section 331 of Title 31 of the United States Code. The sums of money reported in the Statements are currently being expressed in U. S. dollars, the U. S. dollar may therefore be described as the unit of account of the United States. The word dollar is one of the words in the first paragraph of Section 9 of Article I of the Constitution, there, dollars is a reference to the Spanish milled dollar, a coin that had a monetary value of 8 Spanish units of currency, or reales. In 1792 the U. S. Congress passed a Coinage Act, Section 20 of the act provided, That the money of account of the United States shall be expressed in dollars, or units. And that all accounts in the offices and all proceedings in the courts of the United States shall be kept and had in conformity to this regulation. In other words, this act designated the United States dollar as the unit of currency of the United States, unlike the Spanish milled dollar the U. S. dollar is based upon a decimal system of values. Both one-dollar coins and notes are produced today, although the form is significantly more common
12.
Social Security (United States)
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In the United States, Social Security is the commonly used term for the federal Old-Age, Survivors, and Disability Insurance program. Social Security is funded primarily through taxes called Federal Insurance Contributions Act tax or Self Employed Contributions Act Tax. With a few exceptions, all salaried income, up to an amount specifically determined by law, is subject to the Social Security payroll tax, all income over said amount is not taxed. In 2017, the amount of taxable earnings was $127,200. With few exceptions, all legal residents working in the United States now have an individual Social Security number. Indeed, nearly all working residents since Social Securitys 1935 inception have had a Social Security number because it is required to do a range of things, e. g. paying the IRS. In 2015, Social Security expenditures totaled $750.5 billion for OASDI, Social Security Timeline 1935 The 37-page Social Security Act signed August 14 by President Franklin D. Roosevelt. Landmark U. S. Supreme Court ruling that gave Congress the power to amend, the Court also ruled that recipients have no contractual right to receive payments. 1961 Early retirement age lowered to age 62 at reduced benefits 1965 Medicare health care benefits added to Social security—20 million joined in three years 1966 Medicare tax of 0, the Earnings limit doubled exemption amount for retired Social Security beneficiaries. The Act was an attempt to limit unforeseen and unprepared for dangers in the life, including old age, disability, poverty, unemployment. Opponents, however, decried the proposal as socialism, in a Senate Finance Committee hearing, Senator Thomas Gore asked Secretary of Labor Frances Perkins, Isnt this socialism. She said that it was not, but he continued, Isnt this a bit of socialism. By 1950, debates moved away from which occupational groups should be included to get enough taxpayers to fund Social Security to how to provide more benefits, changes in Social Security have reflected a balance between promoting equality and efforts to provide adequate and affordable protection for low wage workers. These retirement benefits are a form of insurance that is heavily biased toward lower paid workers to make sure they do not have to retire in relative poverty. The OASI accounts plus trust funds are the only Social Security funding source that brings in more than it sends out, Social Security revenues exceeded expenditures, between 1983 and 2009. The disability insurance taxes of 1. 4% are included in the OASDI rate of 6. 2% for workers and employers or 12. 4% for the self-employed, the additional retirees expected under the baby boom bulge will hasten this trust fund depletion. Medicare expenses, tied to medical costs growth rates, have traditionally increased much faster than GDP growth rates, for workers the Social Security tax rate is 6. 2% on income under $127,200 through the end of 2017. The worker Medicare tax rate is 1. 45% of all income—employers pay another 1. 45%, employers pay 6. 2% up to the wage ceiling and the Medicare tax of 1.45 percent on all income
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