Question

1. Will Social Security be around for you? Why or why not? What is the problem? Will the problem last? How can it be fixed? Will Social Security go away? What are the political implications?

2. Do we really have a free market system? Supply and Demand! Should we be able to get whatever we want?

Answer 1

Yes ,of course, social security will be there. This is because even if there is paucity of funds, the system can run on reserve assets. Not only that, even from the political and bureaucratic standpoint laws will be framed in such a manner that the funds for social security will be increased.

The problem which is confronted today lack of reserves. This is mainly because the chances that the payments made through social security measures are bound to increase when compared with the income. This is because due to the lower birth rate the population in the working age group is less compared to the dependants.

In the current situation, as a result of coronavirus pandemic it leads to more job losses, thus again a reduction in the income level.

It can be fixed by altering the policies regarding taxation, thereby infusing more cash into the funds. Or the policy makers should try to reduce the costs.

From the political point of view, the social security will not be pulled off entirely. They will find different ways to amass funds and continue to provide social security to its citizens.

2. We really don't have a free market system where there is no government control. There is government control in almost all of the economic structures. We are getting goods and services subject to certain market regulations and controls put forth by the government.