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Essay / Research Paper Abstract
This 8 page paper describes the pros and cons associated with the Social Security system as it currently stands, and what might happen in the future. Bibliography lists 8 sources.
Page Count:
8 pages (~225 words per page)
File: D0_HVSoSUSA.rtf
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Unformatted sample text from the term paper:
the future, as well as whether or not the "crisis" is real or manufactured for political gain. The paper presents both sides but doesnt take a position. Discussion Hill argues
that there is no financial crisis with regard to Social Security. Each year the Social Security Trustees make a forecast of the revenues and expenditures of the fund over the
long term (Hill). They use demographics and economics to make this forecast; in the 1980s, they "forecasted a financial shortfall (misreported in the press as a crisis). In response, Congress
increased the payroll tax rate slightly and increased the retirement age (eligibility for full Social Security benefits) from 65 to 67" (Hill). In other words, with only slight corrective measures,
Congress was able to make up the projected shortfall. The changes instituted brought in billions of dollars, which were "placed in the Social Security Trust Fund (currently valued at a
little more than $896 billion)" (Hill). The funds earn interest, and both it and the principal can be used to "supplement payroll tax revenue during the peak Baby Boom retirement
years" (Hill). Hills comments were based on a much more robust economy than the one we have now; even so, she argues that if the economy does slow down, Social
Security will be able to pay full benefits to recipients until 2037 (Hill). "After 2037, Social Security can provide three-quarters of promised benefits, and with small policy changes, Social Security
can continue to pay full benefits indefinitely" (Hill). Hill argues that the "crisis" is a manufactured device to frighten Americans into turning over some of their money to Wall Street,
which would reap huge rewards in management fees as people put their money into the stock market and various funds (Hill). Privatizing the Social Security system "would be the largest
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