To determine The summary of findings by doing research on current status of the Social Security trust fund and potential future problems in paying out benefits Explanation Given: Research the current status of the Social Security trust fund and potential future problems in paying our benefits. For example, when is the fund projected to start paying out more than it takes in each year? Write a one-to two-page report that summarizes your findings. Important Definitions used in Budget: Description: Receipts Also known as income-represents the money that has been collected. Outlays Also known as expense-represents the money that has been spent. Net Income Receipts-Outlays Surplus (Profit) Budget Net income is positive, that means Receipts (or) Income is higher than the Outlays (or) Expense. Deficit (Loss) Budget Net income is negative, that means Receipts (or) Income is lesser than the Outlays (or) Expense. Deficit A deficit represents money that is borrowed (or taken from savings) during a single year. Debt The debt is the total amount of money owed to lenders, which may result from accumulating deficits over many years. Federal Budget: The United States Federal Budget comprises the spending and revenues of the U.S. Federal Government. First consider borrowing. The government borrows money by selling Treasury bills and bonds to the public. If we buy one of these Treasury issues, we are effectively lending the government money that it promises to pay back with interest. By the end of 2013 , the government had borrowed a total of about $ 12 trillion through the sale of Treasury issues. This debt, which the government must eventually pay back to those who hold the Treasury issues, is called the Publicly Held Debt (Sometimes called the Net Debt or the Marketable Debt). The government’s “savings” consists of special accounts, called trust funds, which are supposed to help the government meet its future obligations to mandatory spending programs. The biggest trust fund by far is for Social Security. Over the past few decades, the government collected much more money through Social Security taxes (FICA) than it paid out in Social Security benefits. Legally, the government is required to invest this excess money in the Social Security trust fund so that it would be there when it was needed for future retirees. The government has to date borrowed every penny it ever deposited into the Social Security trust fund, and the same is true for other trust funds. In other words, there is no actual money in any of the trust funds, including Social Security. Instead, they are filled with the equivalent of a stack of IOU’s-more technically, with Treasury Bills-representing the government’s promise to return the money it has borrowed from itself, with interest. As of the end of 2013 , the government’s debt to its own trust funds was approaching $ 5 trillion...

Using & Understanding Mathematics, Books a la Carte edition (7th Edition)

7th Edition

ISBN: 9780134716015

Author: Jeffrey O. Bennett, William L. Briggs

Publisher: PEARSON

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Chapter 4.F, Problem 47E

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The summary of findings by doing research on current status of the Social Security trust fund and potential future problems in paying out benefits

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Chapter 4.F, Problem 46E

Chapter 4.F, Problem 48E

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Using & Understanding Mathematics, Books a la Carte edition (7th Edition)

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