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Social Security Reform: Increasing Taxes and the Retirement Age. Social
Security Reform: Increasing Taxes and the Retirement Age ...
... was one of the methods used in the 1983 reform. ... to modify the pension systems to
incorporate Social Security. ... Increasing the age to 68 would lower the deficit ...
... Porter) There are no solid arguments against social security reform, raising taxes
can be ... never be able to recover it without increasing the deficit by ...
... Social Security's finances and increasing national saving ... Reform discussions appear
focused on three main elements ... up for reduced future Social Security benefits ...
... Personal retirement's accounts will not reduce the ... have proposed their own plan to
reform Social Security. ... the plans recommend increasing taxes, to "increase ...
Submitted by thaivone on March 29, 2007
Category: Business
Words: 2557 | Pages: 11
Views: 293
Popularity Rank: 36,235
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Social Security Reform: Increasing Taxes and the Retirement Age
Social Security reform is one of the leading topics of an ongoing discussion amongst our government leaders today. Among the many tasks up for considerations are: Personal saving accounts, Privatizing Social Security, Early retirement, Funding the Social Security trust fund, Funding the Medicare trust fund, Drug benefits, Disability benefits, Tax increases, Raising the retirement age and Steady GDP growth. The list is endless. How can keep Social Security solvent for future generations? For consideration, this discussion will be focused on the pros and cons of increasing social security taxes, increasing the retirement age and the potential effects on gross domestic product (GDP) in the U.S. economy.
Social security was created in 1935 as one of most costly item in the federal budget. The program provides old age, survivors' and disability insurance to a healthy portion of Americans. Workers and their employers fund the system by each paying payroll taxes. The Internal Revenue Service collects the taxes and deposits the money in government-administrated accounts known as the Old Age and Survivors and Disability Insurance Trust Funds (OASDI). The payroll tax revenues are used to pay benefits to those people currently collecting Social Security pensions. Social Security taxes also pay for Medicare, the national health program for the elderly.
The gross domestic product is defined as the value of final goods and services produced in a specific time period. GDP values reflect the final market products. For example, GDP does not take into account the farmer who grew the wheat, but rather the consumer who purchased the final product of bread.
The Center on Budget and Policy Priorities reports that President Bush and his Social Security trustees will see a .65 percent shortfall of the GDP over the next 75 years. This figure in today's...
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