The base average is 215.495 (US Government). To maintain Social Security’s purchasing power, retirement benefits, effective December, automatically increase each year by the percentage change in the consumer price index for urban wage earners and clerical workers (CPI), a measure of price inflation. Some experts argue that the CPI overstates cost-of-living increases. • Critics argue that the CPI does not adequately factor in consumers’ ability to find cheaper substitutes when the prices of those goods increase. • COLA reductions would lower the cost of Social Security and help preserve the program’s solvency for a longer period of
Studies show that people eighty and older Social Security provides seventy percent of their income. With this study it shows that Social Security needs to be available for the younger generation and the problem needs to be fixed. Also, if benefits were lowered then that would hurt my generation as well. Either way to solve the problem it will lead to someone paying more or getting
Based on a graph presented by David Cooper and Doug Hall in the report “Raising the Federal Minimum Wage to $10.10 Would Give Working Families, And the Overall Economy, a MuchNeeded Boost,” throughout the United States, 11.4 to 27.5% of children (varying by state) have parents who would be affected by the raise in minimum wage. Thus, raising the minimum wage would leave more money for parents of families in poverty to buy their children food, clothes, shoes, and other necessities that, in many low income cases, must be rationed. Amongst those who are struggling to survive off of minimum wage, in 2011, half were under the age of 25 (United State). Many college students struggle to balance time for academics, extracurricular activities, as well as finance: car payments, rent, student loans, food, gas, and many others. One article from USA Today, “How Much Would a MinimumWage Increase Help Students?” by Jackie Tempera, features a college student, Christin King.
The disparities of income between genders, race and social status can allow the opportunity of group forming. Income inequality can be reduced by improving the match between the supply and demand of skills. The factors that greatly contribute to the income inequality since 1970 are greater demand for highly skilled workers, demographic changes, international trade, immigration, and decrease in unionism. Since 1970 incomes have become exceedingly less equal. The demand for skill workers began to decrease due to the technology advances of the contemporary times.
He argues that the Middle Class is shrinking by the time and he evaluates people income in alignment with the business cycle. However, those people in the middle class want to maintain their relative level of income comparing to those who are above the level. Coping Mechanisms are those tools or ways that people in the middle class are using to maintain their relative income. Reich claims that there is a serious of coping mechanisms like women entering the workforce. He then explained that a family to sustain their level of income would put in longer shifts would be a coping mechanism in its own.
The main goal of Vanderkam’s article was to eliminate the social inequality assumption that men make more money than women, and also, that women are no longer going to be considered a minority in the workforce. Vanderkam referenced a Wall Street Journal article that concluded women in major United States cities make anywhere from eight to twenty-one percent more money than male workers (the same age, and in the same field). Vanderkam feels this type of data proves that more women are going to college, and more women are seeking full-time employment after college graduation. Many argue that social inequality still exists, and is in favor of women. In studies provided by the Census Bureau, women proved to have worked more hours per week than men.
Going by the contemporary crisis in the Medicare program of America, Bozic (2011) dictates that the solution to the crisis will demand increase in the tax margin on the employees. In addition, doctors and physicians are more likely to face salary cuts to allow proper budgeting of the program. Furthermore, the increase in demand for Medicare will have an automatic upward shift in the cost of insurance. There is a link between the positive effects of Medicare and the Economic effects of the system. The existing economic effects presented by the rise in demand for Medicare occurred because of the rise in the number of aged individuals.
A UC Berkley study of California’s childcare support system found that early care and education systems have much to do with the ongoing wage gap. Found through research done by the Roosevelt institute, the study states, “Better pay and benefits are correlated with a continuous work history. When workers’ careers are disrupted because of child care failure — care that is unreliable, unaffordable, or just unavailable — and these workers are usually women. Periods of non-employment lead to lower wages because of loss of seniority, and sometimes being less likely to receive further training or mentoring due to questions of commitment.” (Kimmel 2006, p.79)When not working for long periods of time some significant “skill deprecation” may occur and thus lowering the wage. Investment in early child education that is affordable to all classes would, in the end work to everyone’s advantage.
Capping the annual earnings at $118,000 stops people that make more money from getting a tax break by the cap. If people that make less have to pay a percentage of their income to social security, then people who make more money should have to pay that percentage too. The argument to this source is that employers don't want to pay the extra taxes and people that make higher wages don't see return on their taxes paid, and that interest in social security would decline. I think that the nation in general would benefit from a national retirement plan, so paying that extra tax money should pay off in the end when we have a solid nation-wide retirement plan that everyone can count
It is assumed that in modern industrial societies, family life is no longer patriarchal. As the demographic trends of divorce and widowhood lead to matrifocal families, Post-modernists believe that as matrifocal families are becoming a norm in modern industrial societies. The status of men as the breadwinner and decision-maker of the family is becoming less dominant due to this dual role being taken on by single mothers. Women have also begun to live longer and often become widows as men have a lower life expectancy rate, leading to the creation of beanpole families. Furthermore, Breen and Cooke (2004) suggest the variation in the gendered division of domestic labour by identifying three types of women and three types of men.Post-modernists reject the idea that family life in modern industrial societies is still patriarchal as there are generalisations and over-exaggerations made at the extent of men's power over women in society.