ASSIGNMENT INSTRUCTIONS
Review of ?The Social Security Fix-it Book?
(1)Source: https://crr.bc.edu/wp-content/uploads/joomla/download/social_security_fix-it_e-book_-_sm.pdf
(2)Source:Hillier, Susan M. and Barrow, Georgia M. (2011). Aging, the Individual, and Society. (9th ed.) Wadsworth: Clifton Park, NY.
(3) Source: Morgan, Leslie A. and Kunkel, Suzanne R. (2011). Aging, Society and the Life Course. (4th ed.) Springer Publishing Company: New York, NY.
Instructions:
1. First, read Chapter 9, Hillier & Barrow (2011).
2. Review ?The Social Security Fix-it Book?
3. Write a brief paragraph about your overall reaction to the fix-it book.(Source(1))
4. Do you think putting together a solution to the Social Security problem is difficult? Why or why not?
5. How would you fix the problem? Look at the three key questions on page 28 of (source (2)). Of the options provided for each question, state your preference/choice and explain why.
The questions are presented below:
i. Do we want to keep benefits more or less as currently set? If so, how should the burden be shared?
a. By all workers equally, or primarily by those better-off?
b. By workers alone, or by taxpayers generally?
ii. Do we want to keep taxes more or less at current levels? If so, how do we cut benefits?
a. Target workers with higher benefits?
b. If we cut across-the-board, how do we assure people that they won?t fall into poverty in their old age?
iii.Should each generation going forward pay much the same tax and get much the same benefits?
a. This requires the current generation to build up a large Social Security Trust Fund that would probably invest in equities.
b. Or should our children and grandchildren, who will be richer and live longer, pay much more or get a much smaller benefit?
6. Based on your current knowledge, briefly but clearly explain the problem with social security and how you think it might be solved to Mr. and Mrs. Huxtable, your elderly neighbors.