Social Security Brandon Miner, Matt Macdonald, Nick Taylor.

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Presentation transcript:

Social Security Brandon Miner, Matt Macdonald, Nick Taylor

Background Created in 1930s by congress to give people money to live on after they stop working. In 2011, nearly 55 million Americans will receive $727 billion in Social Security benefits. Social Security has been collecting extra payroll taxes for expected retirement of the baby boom generation

Why is this an issue? This is an issue because less people are working and more people need benefits.

Social Security Costs Most of the United States tax payers' money goes to social security expenses. (About 20%) The US government spends about 41.5 billion dollars per year for 35 million retired workers. 41% of elderly peoples' income is because of social security.

Impact on the Future The people of the united states are retired for longer which requires more benefit money from the government. Many of the retired workers end up receiving more money from social security than the money that they spent in taxes for it.

Political Views Major Parties DEMOCRATS Democrats believe this should be taxed, and given to retired workers and people who need it. Paid for by the government tax collections. REPUBLICANS Republicans believe that this should be a private investment such as the widely used “401k”. People need to save up for this while working.

View points Republicans Republicans The republicans think that social security should come from private investment. The republicans think that social security should come from private investment. Democrat Democrat The democrats think that social security should remain a government sponsored insurance plans for retirees. j

Democrat Barrack Obama has voted no on establishing reserve funds and pre-funding for Social Security. Young people set up early. Also he wants to stop any efforts to privatize Social Security further. Keep extending retirement age. Mitt Romney's thoughts, Social Security is federal responsibility, not state governments. Favors private accounts. Private accounts work better than extending retirement age.

View points Republican Republican The republicans think that social security should come from private investment. The republicans think that social security should come from private investment. Democrat Democrat The democrats think that social security should remain a government sponsored insurance plans for retirees. j

Proposed Solutions Republican The way to fix the Social Security problem is to have the House and Senate to vote on taking the Social Security proceeds and put them back into the Social Security account. Democrats Raise taxes and earmark the revenues for Social Security. The democrats also think they should privatize the part of the system and let individuals invest in stocks, bonds, and mutual funds in order to attain higher rates of return on their payroll taxes.

Sources /dd159_ss.html /dd159_ss.html al_Security.htm al_Security.htm

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