PSYC 5571 Lecture Notes - Lecture 26: Social Security Trust Fund
Document Summary
**paper first draft is due on feb 23rd. Nearly everyone agrees that social security needs to be reformed: anticipated revenues soon will be less than anticipated expenses, in the short run, it can get the extra funds from the social security trust. Fund: as the deficits continue, eventually the trust fund is gone, and that is when things get back (2034ish, were this to happen, ss cannot pay what it has promised. It can pay a whole bunch because they still have all the workers paying in, they just can"t pay the full 100% of benefits: everyone agrees that this is unacceptable & unsustainable. Great disagreement on when we should reform it: trust fund won"t run out for almost 20 years. Lots of uncertainties between now and then, maybe it won"t be as bad: the trust fund is actually 2 trust funds. 1 trust fund is for oasi this fund pays out the standard retirement benefits.
