Question

Discuss some of the broad options available for fixing the long-run problems associated with the social security retirement system.

Which options do you believe are socially justifiable? Explain

Answer 1

1:-Their are lots of option to fix long run Long run problems associated with social Security retirement system.

Social Security is monentory act runed by government to people who are adequate and have no income. In America and in Canada they are basically know by name called social safety act.

1) :-it is most logical way in democratic country to fixed it by increase social Security taxable earnings.

2):- second one is to fix this problem is to eliminate payrolls earnings cap altogether.

3 ):-rise the full retirement age to save Long run security because due to this American increasing life Expectancy by forcing retiress for wait longer to collect 100!% benefits

4):-change the cost of living measures chained cpi in which consumer buy and Consuming good and service cheaply as other becomes to expensive.

5) :- eliminate the retirement earnings test which affects senior who are working and Receiving benefits but haven't not reached -their full retirement age.

Thier are also like end the taxation of benefits, allow partial or full privatization of a program., offer senior a buyout etc.

2):-In above all according to my point of view second one option is socially justifiable because eliminating the earning cap compcompletely eliminate social Security budgetry shortfall.on the other side the wealthy would get something for unfair shake despite of paying more on program wouldn't ger higher benefits. And it is reasonable too.