Social Security by Emily Mannix, Katie Francendese, and Ben Heer.

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Presentation transcript:

Social Security by Emily Mannix, Katie Francendese, and Ben Heer

Issue The Trust Fund is the government’s way of saving up for the expected increase in retirement in coming decades. The most important question is where to invest the fund, and whether to increase the total fund by adding money from the budget.

Cost 2010 to 2011, America is supposed to give $48 million to social security. In , Social Security is predicted to collect a total of $10 billion more in taxes than it spends. By 2020, the government will owe the Social Security fund 3.1 trillion dollars.

Impact on Future As of December 2000, more than a trillion dollars of the American national debt is owed to the Social Security program. This equals up to $3,600 for every human living in the United States, no matter the age. By 2015, this number is projected to reach $9,000 per person, burdening young adults with a debt that they had no part in creating. To make matters even worse, some politicians are asking for a proposal to "save Social Security" that would increase the amount of money per person drastically.

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Current Plans The Clinton plan is to have the federal government continue to control the Social Security fun. The Congressional plan is to have people individually control their own retirement investment accounts. Alternative plans are to have government-controlled investments in the stock market or other private markets.

Lockbox Bill ‘Lockbox Bill’ aims to protect future Social Security by taking it away from the control of federal budget makers. They’ll take money, put it in the bank, and it’s not allowed to be touched until retirement. The vote in Congress was in favor of the bill. It requires a ‘super-majority’ vote on any bill that would add to the budget deficit, meaning it must borrow from Social Security Trust Fund.

Political Viewpoints Republican Party Workers should be free, and be able to take own part of payroll taxes for personal investments for own retirement. Any new options for retirement security should be voluntary, so workers can choose to remain in the current system or choose something different. Democratic Party After a life of hard work, you are able to earn a secure retirement. Want to help Americans create retirement savings.

Citations (slide 8) (slides 2, 3, 6, 7) (slide 4) (slide 5)