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Essay / Research Paper Abstract
6 pages in length. For those who are counting on receiving Social Security as they reach retirement age, as well as those who have already been receiving checks for some time, there is a significant sense of vulnerability. What if the system fails and there is not enough money to pay everyone who has already paid into it? Despite the fact that the Social Security trust fund will remain solvent until 2029, that does not give the up-and-coming generations any sense of security to know that they may represent the line that gets drawn in the proverbial sand. If fixing a past mess of poor investments, coupled with an overload on the system, will incur even more taxes and less benefits for those who held up their end of the bargain, then what incentive will there be for people to want to continue paying into the Social Security system? Bibliography lists 3 sources.
Page Count:
6 pages (~225 words per page)
File: LM1_TLCScSec.rtf
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Unformatted sample text from the term paper:
for some time, there is a significant sense of vulnerability. What if the system fails and there is not enough money to pay everyone who has already paid into
it? Despite the fact that the Social Security trust fund will remain solvent until 2029, that does not give the up-and-coming generations any sense of security to know that
they may represent the line that gets drawn in the proverbial sand. If fixing a past mess of poor investments, coupled with an overload on the system, will incur
even more taxes and less benefits for those who held up their end of the bargain, then what incentive will there be for people to want to continue paying into
a system of social security they cannot even understand, much less believe they will become recipients? "To make sense of what passes for debate over Social Security reform, one
must realize that advocates of privatization - of replacing the current system, at least in part, with a system of personal accounts - are determined not to understand basic arithmetic.
Otherwise they would have to admit that such accounts would weaken, not strengthen, the systems finances" (Krugman, 2002, p. PG). There
is no guarantee that American retirees will enter their twilight years with much financial support from the United States Social Security system. Indeed, the failing program has been stricken
with a number of blows to its assets that have made it a significant concern for all citizens, no matter if retirement is around the corner or still several decades
away. If there exists such a significant problem today, who is to assure the coming generations that enough money will still remain in the system for their retirement years?
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