Are the following statements true or false? (a) Only about 80% of the current revenues flowing...

Are the following statements true or false? (a) Only about 80% of the current revenues flowing into the Social Security system are needed for benefit payments to current retirees. (b) Between 1980 and 2010, most of the social security surplus was used to reduce the national debt. (c) Changes in demographic conditions during the next two decades will be favorable to the Social Security system.

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Expert Solution

(a) only baout 80% of the current revenues flowing into the socil security are needed for benefit to current retirees: false

because social security is a pay -as -you- go system wherein current workers are taxed for their earnings which differs from time to time and these earnings are the tax revenues that are used for funding the current beneficiaries and what ver that is left over is trasfered into the trust fund. thus when one pay the taxes for social security one is not funding oneself in the retirement period rather one is doing it for the present retirees and when one is in the retirement stage then the future workers would contribute for ones benefit.

(b)between 1980 and 2010, most of the social security was used to reduce national debt: false

social security has never contributed for the nations debt.not a penny is used.

(c) changes in the demographic conditiond during the next two decades will be favorable to the social security system:false

demographic changes wouldnt contribute to a great extent. there is a need os balance in demography and as said the current employees pay through taxes for the social security and not the one benfiting from it.

Rahul Sunny answered 1 year ago

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