Reference no: EM132200335
Question: Consider the following options of reforming social security:
1. Gradually Increase Full Retirement Age
2. Reduce Cost-of-Living Adjustments (COLA)
3. Reduce Benefits for Future Retirees
4. Lower Benefits for future High-Income Retirees
5. Raise Payroll Tax Rate
6. Subject Higher Wages to Social Security Payroll Tax
7. Subject Benefits to Higher Taxes
8. Apply Payroll Tax to Health Care Premiums
Which of these would be most effective in social security reform? Detail your choices, noting the why's of your choices and also discuss the effects on the stability of employment, inflation, and GDP as a result.Do you think your views on social security change over time, in other words when you first enter the workforce do you see social security as anything more than a deduction from your paycheck? As you mature (or have parents that do), do you view the deduction as a soon to be benefit?
This exercise simply considers social security concerns/choices, not the entire federal budget.
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