Question

Social Security is an insurance program in which current worker contribute with the promise of receiving monthly income when they retire. But today Social Security is in trouble. What are the key economic issues contributing to this problem? Be specific and support your response with a reliable source. To earn full credit do not repeat examples others have already given.

Answer 1

The long term foundation of social security's system is unpredictable.

• Demographic shift is kne of the prime reason for the problems faced by social security system.
• It is the entry of baby boomers that made social security to suffer.
• Between 2010 and 2030,there is a chance of more than 70 billion baby boomers enter to the social security eligibility criteria.
• On the contrary there aren't enough new workers and labourers to replace the the new retiring number.
• Another reason is the increase in the life expectancy ratio of an average human.
• With growing medical care access, improved health facilities, people tend to live a more healthy life in 2010 than in 1960s.
• Which makes social security sysytem to crumble.