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On the issue of social security, I am wondering what other countries implement or have implemented for their forms of social security. Do they even have them? Are some countries in the same predicament as us (U.S.)? I am wondering how radical the Republican's plan of social security is.
thanks for any imput.
Please expand... are you talking about management, entitlement or just the amount of claimants?
I am talking about management, and specifically how other countries have managed to avoid the age gap we have now (if any have)...
How is it really all that radical? they basically want to turn a persons social security system from the current non-interest bearing, out of date system to a proper IRA type account where you will be earning an approximate 4 percent annually.
I myself would much prefer this program to the current one simply because it will give me more money at retirement. It will also relieve a large pressure of the financial liabilities of the government to fund this program with tax payers money.
It would be a good idea to go ahead and get this started as in 2008, the baby-boomers will be reaching retirement age.
could someone very briefly summarise what the US plans are? All i could find on bbc website was a confusing statement that he planned to meet a deficit by making young people pay less??
I am unclear as to what Social Security is in the US
In the UK we have numerous benefits, tax credits and transfer payments.
State Old Age Pensions are not called Social Security here (I suspect they may be in the US). Pensions is deemed a more dignified name for a benefit to those who may well have worked for 50 years. State OAP is applicable from 65.
Social Security is generally seen as a safety net for the poor in the UK - i.e. if you do not qualify for any other form of support, Social Security usually picks you up. It is something off a bette noir for the right who tend to typify the recipients as all young single mothers - something the stats don't actually support.
I think it is fair to say that the European Union is big on Social Security :) but I am sure that those outside the Union suspected that anyway.
Biggles, your Old Age Pension is the equivalent to our Social Security.
Our Welfare, WIC, ect., is the equivalent of your Social Security.
Ah! so the proposed changes are to deal with demographics. As a rule, Pensions are not paid from a pot that has grown over the years but from current account tax revenues. If there are more old people and fewer young people then the sums get tricky (very tricky).Quote:
Originally Posted by Comic_Peddler
The UK is looking at this also, with a number of suggestions on the table - such as raising the retirement age to 70. :angry:
Quote:
Originally Posted by Biggles
aah, ok, same problem here...
the "baby boomer" generation will soon be wanting their money :unsure:
It seems though that the plan that Comic outlined will keep S.S. safe without raising the retirement age or cutting funds; at least thats what is said. The U.S. has the favor of a big strong economy to lean on; for many other countries; this might not be an option.
what if markets crash ?Quote:
Originally Posted by spinningfreemanny
you think?Quote:
The U.S. has the favor of a big strong economy to lean on;