Social Security is a safety net protecting American workers and his or her families for retirement, disability, and early death. Approximately 40% of all Americans age 65 or older are estimated to be kept out of poverty by Social Security. When a person is eligible to receive Social Security benefits that he or she is entitled to they have then reached the retirement age of Social Security. Most people think the retirement age is 65, which is not always the case. Depending on the year one was born the retirement age gradually increased when amendments were made to the Social Security Act in 1983.
The Future of Social Security? Social Security was first enacted to help the people who were too old to work, disabled, unemployed, and to help the families during difficult times. There have been many changes through the years, but it is still an important way of life that many depend upon. The future of Social Security is considered, by many, to be questionable at best. Social Security was developed to help the elderly, but considering the economical and governmental changes, it may not be a dependable source of retirement income.
Singer claims that “ An American household with an income of $50,000 spends around $30,000 annually on necessities…Therefore, for a household bringing in $50,000 a year, donations to help the world’s poor should be as close as possible to $20,000”(879). Singer makes a detailed argument discussing current problems with the way America spends their money needlessly on activities and upgrades such as dining out at a favorite restaurant. He insists “That’s right: I’m saying that you shouldn’t buy that new car, take that cruise, redecorate the house, or get that pricey new suit”(Singer 879). His argument seems simple and straight forward, but I found his essay to be extreme and unrealistic because it is hard to give a precise definition for a “luxury” or “necessity”, a lot of people work really hard for their money to be able to retire, save for unexpected expenses or provide for their families, the process of development of new technologies would stop as well as current economic situation would change drastically. The first reason I think Singer’s idea is unrealistic is because it is really hard to determine what a luxury is.
Pros and Cons of An Aeging Population An ageing population can be useful to society in some areas of development but at the same time it is argued that it can also cause a considerable amount of strain to the working class and hinder government expenditure. For instance, in Britain the increase in of people over 60 is estimated to rise by 40% in the next 30 years and 13 million people are estimated to be over 65 in 2030, which in effect will be putting more strain on the government as this is when pensions are received. Moreover in 1951 there were only 300 people in Britain aged over 100 and by 2031 it’s expected this figure will be at 36,000 proving that due to an improvement in health care people are living for longer. At the same time, fertility is set to fall as women leave childbirth later and later because of their careers, meaning in the foreseeable future there will be fewer young people supporting a growing elderly population As the population ages, the ratio of non-workers to workers increases, assuming that retirement ages do not change sufficiently to offset the rise in life expectancy. In 2004, there were approximately 4 working age individuals (aged 20-64) for every 1 person aged 65 and over.
Monday, March 1, 2010 MBA 614 Plumb Parts Supply Key Problem The key problem in this case is whether or not the bank should loan Plumb Part Supply (PPS) - and its relatively new owner 160,000$ to purchase a new vehicle and new machinery. • The company would require an additional $25,000 in funding to meet its short-term cash requirements in the winter season. • The business would have to generate enough money to cover the $26,200 principal and interest cost each year. • The business must also generate enough money to allow for its owner to draw a salary of at least $35,000. Situation Analysis Strengths • Proven family business with an innovative and entrepreneurial former owner (James Taggart) and a well-schooled, well experienced current owner (Sean Taggart).
In the United States, there are different tax brackets for different people depending on one’s annual income. For instance, if one makes $0 to $8,500, he must give up 10% of that to the federal government; if one makes $1000 dollars per year, he must pay $100 to the federal government. Within a bracket, there is a set tax rate however, if one makes $379,150+ he must pay 35% of that total to the federal government; if one makes $1,000,000, he must pay $350,000 to the federal government. These numbers don’t mean much until you explore the concept of the ratio. Let us suppose that the income tax rate for all Americans, regardless of the total income, is 20%.
Unemployment and Its Impact On American Cities Michael Collins Marygrove College Abstract The United States, its cities, and regions for decades have been trying to maintain low unemployment rates. It is a well know fact that the economy in America is facing tough times and many companies are being forced to pass out pink slips. As a result, America and its cities have being confronted with some of the highest unemployment rates in the 21st Century. Politicians have employed many strategies and ideologies to help regulate the unemployment rate. Unfortunately, over the past 10 years these strategies and ideologies have failed.
With the economy in the shape it is, it makes those full-time jobs seem like only part-time jobs. “We are spending more money fighting poverty than ever before, yet poverty is up,” said Michael D. Tanner, a senior fellow at the Cato Institute. “Clearly we are doing something wrong.”( Poverty Stats Show the Damage) Specialists say the government needs to rethink their calculations of poverty. According to Carol Morello’s article, “Poverty Stats Show the Damage,” about 44 million Americans (one in seven) lived in homes at the poverty level. For a family of four that level is $22,000 annually or less.
The team’s manpower level was constant at 2,080 hours/month with each person incurring a cost of $60.00/hr., fully burdened. At the end of June, with 4 months remaining, Scott Corporation informed Park Industries that due to cash-flow problem, follow-on work will not be rewarded until March 1988. Jerry is now worried that he would have to break up the project team after the Scott project is done and he will not be able to get the same people for the upcoming projects. Good project office personnel are always in demand. Jerry estimated that he needed $40,000/month during the “bathtub” period to support and maintain his key people.
Giving more than half of one’s paycheck is not a favorable choice, but Singer suggests people need to consider it morally. According to Singer, 40 percent of an American’s income will be enough to survive. Following the “Singer solution”, a potential rise in poverty may occur and cripple America’s economic standings. Economic burdens already headline papers every day in America, and announce increases in widespread foreclosures and joblessness. Foreclosures and bankruptcy does not just affect the owners of the house, but the whole community, including children.