Future of Social Security
The Future of Social Security
In the last few years, the fate of the Social Security administration has come into question. The system faces various challenges like the growing number of retirees and the shrinking number of workers paying into the system. In this module, you will look at possible solutions to such problems. You will also examine the political and economic consequences of implementing changes in public policy.
Your textbook proposes several solutions for maintaining the solvency of the Social Security administration.
Select one solution from the textbook that you believe might be effective.
Rescinding Tax Cuts for the Wealthy (solution from textbook – please use)
Rescinding Tax Cuts for the Wealthy
A more indirect but important solution to the future of Social Security lies in rescinding the tax cuts for the wealthy passed by the Bush administration (see Chapter 4). Rescinding the tax cuts and staunching spending on the war in Iraq would easily cover the deficit in the Social Security Trust Fund over the next 75 years.75 In fact, wiping out the Social Security shortfall over the next 75 years would be only one third the cost of extending the Bush tax cuts through that period.76
Using the Social Security Administration Web site (www.ssa.gov) and the Argosy University online library, research the arguments made in support of this solution.
Social Security in the United States averages to about 40 percent of the citizens’ wages. This is two-thirds of the international average, which is about 60 percent (Macionis, 2009). In addition, politicians in the United States want to cut benefits further. Keeping this in mind, respond to the following:
Explain reasons for the disparity in Social Security between the United States and other industrialized countries.
Discuss whether cutting benefits is a good policy decision for the United States.
Give examples and reasons in support of your response.
Provide appropriate justification for your analysis.
Write your initial response in 200�–300 words. Apply APA standards to citation of sources.
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