Written Assignment Dropbox - MAC
Overview
Complete the following Unit 2 Written Assignment for this unit by the stated due date on the Schedule. Please submit in the Unit 2 Written Assignment Dropbox as a .doc, .docx, .pdf or .rtf file.
Instructions
The written assignment for this unit considers Social Security. Over the next few decades, retiring baby boomers will increase outflows in the Social Security system. Will there be sufficient funds to keep Social Security going; and should it be kept going? The issue has become highly politicized, often obscuring facts about the system and limits to what we know about future economic data.
In this assignment, you will look into Social Security currently and its possible need for reform. Prepare a brief summary of the Social Security problem and potential solutions based on the questions below:
1. How is Social Security currently funded?
2. What happens to funds once they are paid into the system?
3. What changes have been made to the Social Security system from inception to date? Are those changes adequate?
4. When would you expect the Social Security system to begin to experience difficulties, if any? Why?
5. What are the pros and cons of replacing Social Security with private funds? Do you support privatization or not support it? Provide arguments to support your side.
Here are some potential websites for you to review and utilize as sources. Please feel free to also search yourself for additional reliable sources. Be sure to cite your sources utilized.
• Social Security Administration: https://www.ssa.gov
• The 2014 Trustees Report: https://www.socialsecurity.gov/OACT/TR/2014/
• Cato Institute - several articles provided on Reform under Cato Studies: https://www.cato.org/social-security
• Shared Prosperity: https://www.sharedprosperity.org/
• Proposal for Social Security Reform: https://www.cato.org/publications/commentary/private-social-security-accounts-still-good-idea