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Essay / Research Paper Abstract
A 5 page outline addressing Social Security reform and recommending that the United States follow the Singapore example. Singapore has the highest personal savings rate in the world, thanks in large part to its Provident Fund. Singapore citizens contribute mandatory savings funds to three accounts, one of which they control. US politicians miss the point, viewing Social Security reform as an all-or-nothing proposition in which individuals control all of their retirement funds or none of them. The US could learn a valuable lesson from Singapore. Bibliography lists 5 sources.
Page Count:
5 pages (~225 words per page)
File: CC6_KSpolSocSecRef.rtf
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Unformatted sample text from the term paper:
is about to take on one of the most highly prized sacred cows of Washington, Social Security. Used for years by Congress as a private piggy bank for special
projects - the funds are always replaced, only used for other purposes in the short term - Social Security currently is a terminal patient living on borrowed time. The
length of its expected life depends on who is doing the diagnosing. Pro-reform Republicans claim that the fund will be bankrupt by 2018; anti-privatization Democrats believe that it will
be 2040 or so before Social Security tanks. Evidence that Social Security is doomed to failure in its present form is so glaring that both parties agree it is
only a matter of time. I. Legacy of History A. Social Security created in the Great Depression. 1. High unemployment. 2. Many lost their life savings in bank failures of 1929
and 1930. 3. No choice but to make current payments from current contributions. B. The original system had to continue at least until young workers reached retirement. II. The Imminent Crisis
A. The first of the baby boomers - those born beginning after World War II - are beginning to retire. 1. Baby boomers have changed every system through which they have
moved. 2. Birth rate has been declining for decades. 3. There are now 5 workers contributing to the Social Security payments to one retiree. 4. There will be only 3
workers to contribute to a single retiree as retirees numbers increase. B. Raising taxes is an option. 1. Raising taxes almost always stymies the national economy. 2. "Reganomics" proved correct in
the 1980s and through the 1990s. a. decreased tax rates encouraged business growth. b. government collected greater revenues even though tax rates were lower. c. the benefit continued throughout the 1990s. 3. Holds
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