Description
Have you wondered if Social Security will be there when you retire? How often have you heard that Social Security is going broke? Unfortunately, it’s not just media hype. According to the Social Security Trustees’ Report, trust fund reserves will be exhausted by 2037. Without reform, Social Security’s future is inevitable. The question isn’t, “Does it need fixing?” Instead, the relevant question is, “How do we fix it?”
There are as many proposals for reform as there as political candidates and economists. This is your opportunity to enter into the debate. Here is a link (https://www.ssa.gov/policy/docs/ssb/v65n4/v65n4p3.html (Links to an external site.)) with some general information, but you should also do some of your own research as well. At least two outside resources should be used in your report.
Once you’ve looked at some of the ideas for reform, it’s time to play the Social Security Game. Enter the link below in your Internet browser and develop your own proposal for reforming Social Security: http://www.actuary.org/socialsecurity/game.html (Links to an external site.)Links to an external site. (Links to an external site.). This game will allow you to explore options for Social Security reform and their impact on the program’s solvency – both the pluses and the minuses.
Based upon your research and the results of the Social Security Game, write a report that addresses how YOU solved the Social Security crisis. Your double-spaced report should address the following:
- What specific proposals in the Social Security Game did you choose to adopt? Why?
- What are the negatives of adopting each of these proposals?
- What specific proposals in the Social Security Game did you choose to reject? Why?
- Are there other areas of Social Security reform that the game did not address that you would incorporate into your plan? What are they?
Your assignment should be 3-4 pages long, double-spaced, using 12-point font, excluding cover page, attachments, etc.
Keep in mind that, while there are no "absolutely correct" answers for these questions, this is not an opportunity for opinion alone. Grading will reflect your reasoning and critical thinking skills, your ability to integrate what you have assimilated from course material, outside research, the clarity of your response, and its appearance.
Explanation & Answer
Attached.
Running head: SOCIAL SECURITY REFORMS
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Social Security Reforms
Name
Professor
Date
SOCIAL SECURITY REFORMS
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In this paper, I will tackle some of the social security reforms that can be enacted to deal
with the decrease in social benefits compensation funds. Social security program was endorsed to
cover those employees who are injured in workplaces and were rendered disabled. As an
insurance policy, the employer has to contribute a given amount of money plus a small
percentage of the employee salary to social security insurance funds. Over the years, the federal
government expenditure on social security benefits and compensations has increased due to the
increase in the number of people with work-related disabilities and beneficiaries (Reno, Williams
& Sengupta, 2004). The amount of cash paid in wages-compensations benefits for the disabled
employee was twice as high as the amount paid as cash benefits for employees’ compensation.
Debate on how to reforms compensations guidelines have gained momentum due to
overspending on social security benefits and fear of inadequate funds for future disability
compensations.
The social security game highlights some of the proposals that when initiated can help
solve long-term financial problems affecting social securit...
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