For my economics paper I am going to be writing about the pros and cons of social security. In today’s economy social security is either getting abused or being benefited towards someone who needs it and there is no way of telling which one is true. Social security is a way for people to be able to live and it is also a way to get free money. The government is setting their qualifications low and many people can easily qualify for social security these days and not need it. If this continues as it is, the future of social security is going to be very hard to get and very little money received.
Americas Hidden Credit Card Bill
Improperly using social security
In the article Laurence Kotlikoff makes very valid points about the view of the people who say that they can return and they know they won’t and call it just “borrowing”. The people leave it to the future generations to pay for what they could not and that is not fair at all. Social security is going to grow and health costs and insurance is going to be increased within the next 4 years if there is no action taken. People who don’t actually need the money should not be able to receive it and waste it. The congress released its budget outlook and the only good thing is this year’s deficit is about 3 percent of gross domestic product and it is the smallest since 2007.
These kinds of problems affect the economy more than others know. People need to pay attention to important information like this because when you get older and maybe even before that, this will affect you in one way or another. Social security can change the economy and how people live and if we don’t have any money left in social security because of right now and how people are using it then the future generations are going to have major problems. The estimated debt was calculated and was increased 5 trillion and our “fiscal gap” is basically our country’s credit bill and if we were to get rid of it then federal tax will increase automatically and permanently to 59 percent. As said in the article, “What we confront is not just an economics problem. It’s a moral issue.”
6 Reasons to Delay Social Security
Better benefits of waiting The best thing to do when it comes to social security is to wait until the right age to file for your social security and the chance of having better benefits is higher. As the article states, there are only two reasons you should file for social security early, if you’re having problems and have no place to live, no money to find a place, and no help. The other reason is if you’re having health problems and need help paying bills. Other than those two reasons there is no reason you should file for social security early. The benefits of waiting are much better and the money is better. Once you hit the age 62, the price increase 8% a year and lasts up until you’re 70. If you are a married couple there is a bonus for the spouse who makes more money. This article is a good reference on why you should wait till the right age to file for social security.
Tom Sightings, the guy who wrote this article has the best reasons on why to wait. If more people were to wait and file for social security then maybe we would not be so in debt and our social security would not be used for improper reasons. Waiting to file would help our economy much more than people think because then the more people who wait, the more money they get and the more money the government can give. Also if the qualifications were higher for social security then maybe not as many people who do not need it would have the chance to have it until the right time.
Billionaires Against Social Security
Billionaires are trying to make a way so that college students don’t blame senior citizens for not having a better future when it comes to social security. There are two foundations that they are trying to create and make word of it so that