Meehan assignment 1 - Terry Meehan MGMT 100-E59 Assignment...

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MGMT 100-E59 Assignment One p. 26, #4 Social Security has become a hot topic in the news, in politics, and in the every day lives of the general populace. Furthermore, it has become a high profile issue not only for those who are currently drawing on the program and those who soon will, but also for those of us who may not retire for many years to come. The reason for the penetrating levels of concern can be found in simple statistics. According to the Social Security Administration, our current “pay-as-you-go” system functioned with 16.5 workers supporting every retiree in 1950. Today, there are only 3.3 workers supporting each retiree (www.ssa.gov/qa.htm). The ratio of workers to retirees will continue to fall with the impending retirement of the “Baby Boomer” generation. While no one can deny the statistics, agreement on a solution is a long way off. Potential solutions include raising payroll taxes, a drastic decrease in benefits, and implementing controversial personal savings accounts. As any politician can tell you, raising taxes too much can get you chased out of any town in America. This option has little support, and less promise for success, as it would only put off inevitable collapse. In the same way, a decrease in benefits is viewed with disdain. Those who rely on Social Security for a substantial chunk of their income know that decrease spells disaster. Cutting benefits is no solution at all.
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Meehan assignment 1 - Terry Meehan MGMT 100-E59 Assignment...

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