Why Social Security is going to be insolvent
Social Security cannot collapse because it ran out of money. Since Social Security support is once again in the reports and there appears to be anxiety that it could, really, go insolvent. It is a reasonable impossibility for Social Security to be insolvent. It is not a pension scheme into which you withdraw your money when old and place it when young because the transfer is made instantly from workers today to retirees today (Pieters, 2006).
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What the government has done or can do to stop this from happening
The government can do little to stop the collapse of Social Security. However, the government may opt to choose willingly to eliminate or delay the program; this is a result of a common error that social security is a program in which young people deposit money and withdraw when they grow old.
What can be done to save Social Security
There are various ways to save Social Security. The White House budget plan has one alternative to shore up Social Security’s flagging funds. The editors of the Market Watch address the pros and cons of saving Social Security and further ideas to decrease the program deficit. Making tax boost in the scheme to improve solvency or pushing back the ages to reduce pull on the system. With that implemented, Social Security will be saved (Pieters, 2006).