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Essay / Research Paper Abstract
A 3 page paper assessing the (misguided) idea of using Social Security's "surplus" to assist in paying for the ongoing bailouts and multibillion dollar loans the US government is making to companies in the post-Wall Street meltdown. Social Security has no ability to "save" the economy from its current financial nightmares. Its supposed surplus is only an illusion, and it will enter deficit operation in less than a decade. Bibliography lists 7 sources.
Page Count:
3 pages (~225 words per page)
File: CC6_KSsocSec.rtf
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Unformatted sample text from the term paper:
the implications of using Social Security to save our economy. Be sure to include some mention of the potential benefits and risks." The
background information notes: "regardless of ones political views, the more serious our economic problems become, the more attractive a Social Security bailout becomes." The question is, bailout in which
direction? Without the federal bailout of Social Security in 1983 (Jacobs, 2005), there would be no surplus today. Further, the surplus is an illusion (Ferrara, 1988) and at
some point in the future there will be no surplus - real or accounted - to discuss using. Rather, the deficit between what is coming in and what is
being paid out will only add to the national debt. The year that that deficit occurs is in question; the reality of it is not. Wheres the Cash?
There is a misconception that there is a colossal account somewhere with a staggering amount of money in it. Such is not the
case; the government regularly raids Social Security and has for decades. There is no actual cash in any account. Rather, current payments out are made from current payments
in. Whatever surplus remains currently is devoted to government operation (Tempelman, 2006). As the federal government removes all of the cash collected in the present but not required
for immediate payout, it replaces that cash with "U.S. Treasury securities or government bonds" (Tempelman, 2006; p. 40). When Social Security moves into
deficit - i.e., current payout requirements are less than current receipts - the Social Security trust will turn to the federal government to begin cashing some of those Treasury securities
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