Social Security
Social Security Social Security was conceived so that FICA revenues from the current workforce would pay benefits for current retirees. This system has worked because the ratio of workers to retirees allowed it to do so. However, the numbers are now trending the other way. For example, in 1950, 16 workers paid into Social Security for every beneficiary. Today, there are only 3.3 workers for every beneficiary, and the ratio is shrinking. Current estimates indicate that Social Security will begin to pay out more than it takes in by 2017. This poses a major challenge to the future of the Social Security system. |
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