Answered: Why do most researchers consider the…

Macroeconomics: Private and Public Choice (MindTap Course List)

16th Edition

ISBN:9781305506756

Author:James D. Gwartney, Richard L. Stroup, Russell S. Sobel, David A. Macpherson

Publisher:James D. Gwartney, Richard L. Stroup, Russell S. Sobel, David A. Macpherson

ChapterST2: The Economics Of Social Security

Section: Chapter Questions

Problem 5CQ

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Why do most researchers consider the U.S. social security system a social insurance program rather than a pension system and what are the common criticisms of the current definition of poverty-level income?

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Social Security is a social insurance program that provides retirement, disability, and survivor benefits to qualifying individuals. The program is funded through a payroll tax that both employees and employers pay, and the funds are used to provide help to retirees, disabled individuals, and survivors of deceased workers.

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