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Some of the causes why U.S is facing social security crises. What's the role Europe played to help Greece on their pension replacement rates and it's debt burden - Essay Example

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The social security in the United States is an insurance program intended for the elderly people, and is funded by the “payroll taxes” commonly known as the Federal Insurance Contributions Act tax (FICA), Conesa and Garriga (2008). This can be found in the Trust Funds, and…
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Some of the causes why U.S is facing social security crises. Whats the role Europe played to help Greece on their pension replacement rates and its debt burden
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Some of the causes why U.S is facing social security crises. What's the role Europe played to help Greece on their pension replacement rates and it's debt burden

Download file to see previous pages... urance does more than can be evaluated in raising the families of the United States from low class, passing them through the middle class to the higher class. This is possible through the program the Federal Government has put in place to aid in the transfer of funds, within the economy among individuals in the quest to maintain an equal class of people, Hansen and Heckman (1996). This is particularly done under a standard measure, where every citizen is allowed to live above the poverty line. It should be pointed out that; social security program is the most effective plan which was put in place, as a check against poverty. It was a “poverty reducing program” even for the non-elderly families, who receive survivors’ benefit, disability and unemployment befits. But it is unquestionable that the elderly are the most beneficiaries in this case (Hansen and Heckman, 1996).
Statistics shows that social security pensions are the prime poverty cut for the elderly, which measured at 36% by the year 1958 to 14 % by the year 1983. The trend was downwards in the effectiveness of the social security plan. There are a number of causes for such lose of former efficiency. Currently, these causes are a crisis in the United States (Conesa and Garriga, 2008, p. 57).
The trend changed where by this program was initially met to cater for the needy in U.S. now cater for the employed and the middle class individual. It is a paradox to the policy it supports. The whole system has been corrupted to the level where, even, the tax regimes have been reversed. Previously, a progressive tax system a braced, by supporting the social security system that inclusively leveraged loss of poverty in U.S. A progressive tax system was in place that did support the fight against poverty (Hansen and Heckman, 1996).
Lastly, the former befits that were enjoyed by the elderly and the less privileged in the society were waived off, Hansen and Heckman (1996). This meant that a class of people ...Download file to see next pagesRead More
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