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26 March 2013 Econ 202

Social security government administered retirement

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Social security: Government-administered retirement  program; government run retirement funding program Gov’t forces you to save for retirement o Taxes your income and you get that money  back after you retire People generally retire around 65 Will probably be 67 before our generation can  receive full social security benefits Sometimes called entitlement programs because  people are entitled to these benefits that they paid  for while they were working  7.65%, 15% total because you pay half and the  company you work for pays half Welfare (income aid) Medicare: Government funded health insurance to  people over age 65 Established in the 1960s Spending in these programs for the year is set Those things are set aside A macro topic now because so much of the government budget  is mandatory U.S. Federal Government Outlays, 2012 o Mandatory
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Social security Medicare Income assistance Other mandatory and receipts o Interest o Discretionary  Defense Non-defense discretionary  o Total: $3.5 trillion   almost 25% of GDP o Mandatory and interest make up about 64% of outlays, things we  cannot debate
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