Lecture 5-3-2007

Lecture 5-3-2007 - o The costs made critics claim that...

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Political Science Lecture 5/3/2007 Bush veto’s Iraq money bill Washington post reports that leadership will agree to bill without timetable, but with language that “influence policy” Pelosi, Reid’s offices deny reports Timelines of Social Policy Second major expansion in the 1960’s in the 1960’s o Recognition that poverty rates were still very high among some groups o Economic opportunity programs o Dramatic expansion of public assistance: housing, food stamps, AFDC expansion, Medicaid o Expansion of social insurance: Social security, medicare These programs did Succeed in reducing poverty Prior to the 70’s, welfare policies were generally non-controversial Beginning in the 70’s, welfare policy became less popular o Merging of welfare policy w/ racial issues o Decline in economic growth
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Unformatted text preview: o The costs made critics claim that there were cycles of dependence Social Security/Medicare FY 2008 Spending estimates o Social Security: $615 Billion o Medicare: $392 Billion o 34% of total spending FY 2012 Spending estimates o Social Security: $799 Billion (+30%) o Medicare: $487 Billion (+24%) o 34% percent of total spending Funding Payroll Tax o 6.2% of wages up to $40,000 (Social Security) o Employer and employee each pay this, total about 15.6% o Average amerian pays about $2,700-3,000 Benefits Social Security: o Retirement Benefits (62, 65) o Survivor Benefits o Disabilities o On average, each recipient gets about $400 a month Key factors: o Social security/Medicare is not means tested o Benefits paid out of current funding...
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Lecture 5-3-2007 - o The costs made critics claim that...

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