Options for Saving Social Security
The Center for Retirement Research argues that over 50 percent of today’s workers will not have adequate income when they retire, and this number will jump to approximately 66 percent if you take health and long-term care costs into account. The contention is that hourly wage earners will not have the ability to replace disappearing pensions and lower net Social Security benefits (primarily because of health care and drug costs) with private savings. This is attributable primarily to the fact that median household incomes have been stagnant over the past 40 years. At the same time, many-core expenses such as housing, health care, and education have grown substantially.
According to a recent report released by the trustees of the Social Security Trust Fund, the Social Security Administration is spending more each year in benefits than it is taking in regarding payroll taxes and money earned on trust fund reserves. As a result, Social Security reserves are projected to be exhausted by 2034.
Congress, ready or not, will be forced to address this issue shortly because the first generation of workers affected by these converging trends — the decline of employer pensions, phased-in cuts to net Social Security benefits, and decades of slow and unequal wage growth-are just now starting to retire. What options are available to avert the potential retirement woes of working-class individuals who will be retiring over the next two decades? Among the policy options now being considered are:
Raising payroll taxes,
Increasing the annual wage ceiling on which payroll taxes are paid. The ceiling for 2020 will be $142,800,
Basing the annual cost-of-living increase on a less-generous measure of consumer prices than is now used,
Implementing an across-the-board decrease in retiree’s benefits,
Reducing benefits for higher-paid earners,
Raising the retirement age, or
Increasing taxes on high-income wage earners.
The impact of these proposed changes on the Social Security System is available from an interactive “Social Security Tool” that has been developed by the Wharton School at the University of Pennsylvania.* This tool, allows an analyst to make changes in six program features (with three possible changes to each feature). Your responsibility, as a newly hired staff member by Senator Rawson, your task is to assess how various alterations to the Social Security program will impact program finances. In your analysis, you need to consider the demographic changes that are taking place in the United States.
Based upon your analysis of the outputs of the various possible changes to Social Security which options would you recommend that Senator Rawson pursue as a way of lessening the retirement woes of millions of working-class Americans over the coming decades? In your five-seven (5-7) page report (see instructions below) to Senator Rawson be sure to specify the evaluative criteria you will be used in making your assessment and also justify your recommendations in terms of whether the options you choose are cost-effective, politically feasible, socially acceptable, and/or equitable.
*The Penn Wharton Budget Model’s Social Security Policy Simulator can be found at https://budgetmodel.wharton.upenn.edu/ For more information on Social Security check on this: https://en.wikipedia.org/wiki/Social_Security
Plagiarism Free Papers
Thehomeworkwritings.com’s team of writers write all papers from scratch. We deliver 100% original, unique papers. That’s what makes us the best custom homework writing service
We provide unlimited free revisions to all customers and on all papers. Try The Homework Writings today for the best custom homework writing service and experience in the industry.
Thehomeworkwritings.com gives clients title pages free of charge. Your only job is to fill out our order form. We will handle the rest.
As the leading essay writing service, we never submit any paper without a reference/bibliography page. We do this free of charge too.
Originality & Security
At Thehomeworkwritings.com, we take great pride in delivering only high-quality 100% original papers to all our clients. We also never share any of our clients’ information with third parties. Your data is safe with us.
24/7 Customer Support
No other custom homework writing service has a friendly, always available customer support team to respond to clients like us.
Try it now!
How it works?
Follow these simple steps to get your paper done
Place your order
Fill in the order form and provide all details of your assignment.
Proceed with the payment
Choose the payment system that suits you most.
Receive the final file
Once your paper is ready, we will email it to you.
Why outsource our services
We have the best customer support team for your essay writing needs.
You won’t find any other custom homework writing service with pricing as flexible and affordable as ours.
Admission help & Client-Writer Contact
We provide a direct line of communication with our writers for the best writing experience.
As the leading custom homework writing service, we take deadlines very seriously. You will have your paper submitted on time without any delays.
We truly value your feedback, good or bad, and always use your feedback to help us provide you with an even better custom homework writing service