U.S Social Security system Safe? Population, Budget, Immigration
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Authors
Kim, Gew-rae
Issue Date
2023-03-24
Type
Other
Language
en_US
Keywords
Social Security System , Budget , GDP
Alternative Title
Abstract
The US budget deficit is threatening the Social Security system. The recent hike in interest rate and increase in debt issuing makes the US federal Interest payment 13% of the US National Defense budget. This makes maintaining the current Social Security and Medicare payment of 40% budget more difficult. Moreover, China and India are catching up with the US GDP. China's GDP was more than 10% of the US GDP in 2000. It is more than 70% of the US GDP now. This makes US growth more difficult to compete. The US Social Security system is Un-Funded system, so all payments come from the taxes. Thus, the US needs labor force to maintain a good Social Security system
Description
UB RISE 2023, Department of Finance, Ernest Trefz School of Business, University of Bridgeport.