Social SecuritySocial SecurityColin Mitchell, Lily Grogan, Declan Rockett, Natasha Colin Mitchell, Lily Grogan, Declan Rockett, Natasha

NordNord

Background• People pay a tax so they get

money back when they are retired(65)

• Developed in 1935, and taxes were collected in 1937 because of the Great Depression.

• Many people were living on streets and did not have enough money to support themselves.

• http://www.youtube.com/watch?v=9_FFwbcAaI4

• The old people who were living on the streets could not get a job, because most of the work was hard labor, and they were not able to do it.

Issues• People are living longer so they get more money

back than they payed for

• There won’t be enough money left for retiree benefits because there are less workers helping more retirees.

Cost•20 percent of the budget, or $707 billion

•In 1998 the cost-of-living increase was 1.3% since then it has gone up to 5.8% and is expected to continue rising.

• If this continues without fixing social If this continues without fixing social securities issues, the deficit will become a securities issues, the deficit will become a greater issue, because we will need to greater issue, because we will need to borrow money from other countries.borrow money from other countries.

• Taxes for working people will rise in order Taxes for working people will rise in order to pay for retiree benefitsto pay for retiree benefits

• When the younger generation grows older When the younger generation grows older we would not get a lot of money towards we would not get a lot of money towards our retiree benefits.our retiree benefits.

Impact On the Future

Democrat vs. Republican• want to protect want to protect

social securitysocial security

• Gore proposed Gore proposed Retirement Retirement Savings Plus for Savings Plus for a Baby Boomers a Baby Boomers generationgeneration

• believe in saving believe in saving money for social money for social securitysecurity

• don’t want to don’t want to raise taxesraise taxes

• let workers let workers choose if they choose if they want to invest want to invest their payroll their payroll taxestaxes

Citations• facts on great depression: http://wanttoknowit.com/when-did-the-great-depression-start-and-end/

• picture of workers: http://www.willisms.com/archives/2006/11/social_security_54.html

• picture of chart: http://delong.typepad.com/sdj/2005/12/rev_spen_exss3.html

• S.S. seal: http://crapo.senate.gov/services/SocialSecurity.cfm

• info on cost: http://www.cbpp.org/cms/index.cfm?fa=view&id=1258

• cost pict #1: http://www.ncpa.org/pub/st252?pg=3

• cost pic #2: http://gatesofvienna.blogspot.com/2011/03/shadow-knows-part-two.html

• card: http://en.wikipedia.org/wiki/File:Social_security_card.gif

• 65: http://www.wellheeledblog.com/2010/04/28/social-security-retire-2/

• democratic view: http://www.issues2000.org/Celeb/Democratic_Party_Social_Security.htm

• republican view: http://www.issues2000.org/Republican_Party.htm#Social_Security