Given the declining ratio of workers to reitirees, the level of increases to fix the shortfall would be too burdensome and would negatively impact consumption of workers who aren't retired.
Reducing the rate of growth in benefits for future retirees could work if implemented in an appropriate manner. An outright reduction in benefits would be too punitive on retirees and would further dampen consumption. Instead, the reduction in benefits would need to be accompanied by a new model called consumerism where consumers have greater accountability for the costs of their healthcare decisions. but, dramatically improved transparency in quality and pricing would be necessary for this model to work. In this way, consumers could shop for healthcare services just as they already shop for other goods and services. This would help healthcare services be more subject to the market forces of supply and demand and would help to contain healthcare costs.
However, transparency and changes in consumer behavior in purchasing healthcare services would be gradual. For this reason, consumerism should represent one of several policy changes. Charging Social Security taxes on income over $90,000 and reducing the rate of growth in benefits for wealthy retirees are an economic necessity. The Social Security system was designed for social protection. Wealthy retirees do not need this safety net. Further, increased taxes and a reduction of benefits for the wealthy would not have a large negative impact on their consumption because they have ample discretionary income to maintain their consumption preferences.
Last, but certainly not least, raising the retirement age should be a part of the total solution. Social Security's original retirement age of 65 was set in 1935 when life expectancy was 63 (Cauchon, 2005). Today, according to Cauchon, life expectancy is 77 -- and, for those who live to 65, life expectancy is 83. Just a one-year increase in the retirement age would be equal to a 7% benefit cut and would eliminate about one-third of Social Security's projected $3.7 trillion...
Baby Boomer Retirement Economic impact of the impending Baby Boomer Retirement Within the next two decades, the largest segment of the American population will be retiring, leaving a huge void in America's workforce, as well as creating the largest single pull on the struggling Social Security system that America has ever sncountered. According to Dailey (1998) over one third of the American population is composed of this generation. What will be the
Another proposal would be to include new state and local government workers in the system (Kubarych, 2004). Medicare and Medicaid Medicare and Medicaid were formally enacted as amendments to the Social Security Act in 1965. These programs guarantee health insurance for the elderly and the poor. The Medicare program covers most persons age 65 or older and consists of four related health insurance plans, a hospital insurance plan, a supplementary medical
Thus, on the one hand, this has to include enticing photographs that display characters having similar age and problems and, on the other hand, it has to make use of key words like "experienced" and "mature" that are able to outline the high value that the employer assigns to this generation (http://www.entrepreneur.com/tradejournals/article/73555094_4.html). A second challenge that contemporary companies encounter due to the changing demographics is diversity. Up-to-date researches have revealed
formation on the topic of baby boomers and their impact on organizations and businesses. The articles of focus are "Last Boomer Turns 50 but This G-G-Generation Ain't Done Yet" by Dan Kadlec and "Peace, Love, And No Retirement In Sight: Why So Many Baby Boomers Must Keep Working" by Martha T.S. Laham that are a commentary on the predicaments that the generation fast approaching retirement faces. As Landon Jones, the
Mark Solon, former President of the Board of Directors of the Discovery Center of Idaho, currently serves on the Idaho Business Coalition for Education Excellence. These four men, along with six others noted on their Web site, manage TopTenREVIEWS, Inc. ("Cell phone providers," 2008). The following four categories denote criteria TopTenREVIEW used to evaluate cell phone providers: Feature Set:...variety of options, including call waiting, call forwarding, Bluetooth (internet connectivity), text messaging
Aging Because of the aging baby boomer generation, a lower current birth rate, and advances in health care and medical technologies by 2020 as many as one-fourth of all Americans will be aged 60 or older. This astounding figure has huge implications for American social, political, and economic spheres. For example, the general population will be forced to confront it prejudices and biases against seniors. Currently, American culture glorifies youth to
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