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Manec 453 Presentation

Manec 453 Presentation - beneficiaries[28 In 2009 nearly 51...

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Glenn beck parody of social security - ponzi scheme 4:25 - http://www.youtube.com/watch?v=1qSsf9WS_c0 Social security trust funds - budget surplus merged all of S s with government debt - used to pay off gov debt System is unstable Suggest a fix - raise the age Possibly a year When social security started it took up 1% of the governments budget and it was a program few people really used. The expected life was a lot smaller In 1940, benefits paid totaled $35 million. These rose to $961 million in 1950, $11.2 billion in 1960, $31.9 billion in 1970, $120.5 billion in 1980, and $247.8 billion in 1990 (all figures in nominal dollars, not adjusted for inflation). In 2004, $492 billion of benefits were paid to 47.5 million
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Unformatted text preview: beneficiaries. [28] In 2009, nearly 51 million Americans received $650 billion in Social Security benefits. The first monthly payment was issued on January 31, 1940 to Ida May Fuller of Ludlow , Vermont . In 1937, 1938 and 1939 she paid a total of $24.75 into the Social Security System. Her first check was for $22.54. After her second check, Fuller already had received more than she contributed over the three-year period. She lived to be 100 and collected a total of $22,888.92. [24] The problem with social security is that there the government is using the surplus from the social security...
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