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Social Security

Social Security. We will be discussing background, issues, costs, the impact on future, and political viewpoints of major parties. ENJOY! By: Kevin Tosi, James Bridgman, Keith Brockway, Peter Van Eijk. Budget. 727 Billion dollars in debt for Social Security Second largest budget item

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Social Security

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  1. Social Security We will be discussing background, issues, costs, the impact on future, and political viewpoints of major parties. ENJOY! By: Kevin Tosi, James Bridgman, Keith Brockway, Peter Van Eijk

  2. Budget • 727 Billion dollars in debt for Social Security • Second largest budget item • Almost one fifteenth of our national debt • Social Security has gone deep in debt because people are living around 20 years longer than thought when it was made.

  3. Issues • People are currently being paid Social Security if they are 65 and over and retired. Most Americans depend on this money because it's their only income. • People worry that there will come a time when there is not enough money to pay everyone what they are owed. • If this happens, that would increase our country’s debt.

  4. Democrats view on Social Security • Everyone should receive full benefits of Social Security no matter how the economy is doing. • Committed to protecting Social Security • Don't want to privatize Social Security • Don't want the to raise the Social Security age

  5. Republicans view on Social Security • Young should invest retirement money, not give it to goverment. (Nov 2011) • No payroll tax cut; we need revenue from baby boomers. (Nov 2011) • Keep promise to older workers; reform for younger. (Sep 2011) • Wean everybody off Social Security and Medicare. (Feb 2010) • Wean the next generation off Social Security. (Feb 2010)

  6. Social security background • Made in 1935 was part of new deal plan • Keeps 40% of people over 65 out of poverty • Was made when life expectancy was 65-70 • Now it is 78.37

  7. Impact On Future • Fund will run out by 2036 without legislative action • Benefits may be cut 27% by 2041 • In 2009 the surpluses that congress borrowed from other programs were depleted

  8. What treasury wants to do • Print more money. • Sell bonds to the public • Raise taxes

  9. Fact about Social Securiy • Must work at least 10 years to be eligible for social security

  10. Bibliography • Bank Rate • New York Times • Washington Post • Wikipedia

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