11. 15 Social Security - Econ 101 Introduction to...

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Lecture Discussion Questions Econ 101 Introduction to Microeconomics Professor Richard V. Burkhauser Understanding the Social Security Debate Richard V. Burkhauser Department Policy Analysis and Management
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Retirees Social Security $$$ Bonds Trust Fund Treasury Benefits Taxes Workers
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Demographic Trends and Projections Calendar Year Life Expectancy At Age 65a Births per Woman Population Age 65-as Percent of Population Women Men 1940 76.7 77.7 2.23 11.6 1950 81.2 78.1 3.03 13.6 1960 82.4 78.2 3.61 17.3 1970 83.5 78.8 2.43 18.5 1980 83.8 79.7 1.85 19.5 1990 84.2 80.6 2.07 20.9 2000 84.7 81.4 2.13 2.11 2010 85. .3 82.1 2.07 21.2 2020 85. .9 82.8 1.99 27.5 2030 86.6 83.4 1.95 35.5 2040 87.2 84.0 1.95 36.8 2050 87.7 84.6 1.95 37.1 2060 88.2 85.2 1.95 39.2 2070 88.8 85.7 1.95 41.3 2075 89.0 85.9 1.95 43.2 Source: Social Security Administration, The 202 Annual Report of the Board of Trustees of the Federal Old-Age and Survivors Insurance and Disability Insurance Trust Funds (March 26, 2002). aProjected age at death.
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Growing Burden For Workers 0 10 20 30 40 50 60 1940 1960 1980 2000 2020 2040 # Per 100 Workers 4 Workers per Beneficiary in 1965 3 Workers per Beneficiary by 2010 2 Workers per Beneficiary by 2030 Beneficiaries Per 100 Workers
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0 5 0 0 10 00 20 00 30 00 40 00 50 00 60 00 70 00 80 00 20 20 20 20 20 20 20 20 2003 $ billions Social Security Expenditures and Revenues OASI Trust Fund OASI Revenues OASI Costs Taxes < Benefits 2017 Trust Fund Spend Down Begins 2027 Program Insolvent 2042
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Why the call for reform ?
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11. 15 Social Security - Econ 101 Introduction to...

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