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Social Security. Vocab. Baby boom-A temporary marked increase in the birth rate, esp. the one following World War II Debt-money that is owed Intergenerational commitment-official act that younger must support older people. Vocab ( Con’t ).

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Presentation Transcript
vocab
Vocab
  • Baby boom-A temporary marked increase in the birth rate, esp. the one following World War II
  • Debt-money that is owed
  • Intergenerational commitment-official act that younger must support older people
vocab con t
Vocab (Con’t)
  • Ponzi scheme-fraudulent investing scam promising high rates of return with little risk to investors.
    • The Ponzi scheme generates returns for older investors by acquiring new investors. This scam actually yields the promised returns to earlier investors, as long as there are more new investors.
  • Social welfare state-federal gov’t provides benefits to “less fortunate” at expense of others.
  • Personal savings accounts-account where depositors earn a rate of interest in return for having restrictions upon how they can access their money
why does it matter
Why Does It Matter?
  • If you work, you will pay into it.
  • Largest unfunded liability of economy.
  • You will be able to collect when 62, if it still exists
who and when
Who and When
  • Franklin Delano Roosevelt (D)
    • 32nd President
  • Signed into law Aug. 14, 1935
what is it
What is it?
  • old age pension for American workers
    • Pension-fixed payment to a retired person
  • Over 62, paid in through 10 years
  • 6.2% payroll tax on workers, employers
  • $90,000 annual salary, exempted from tax
  • Idea that today’s workers pay for tomorrow’s retiree’s
effects of the baby boomers
Effects of the Baby Boomers
  • Baby Boomers-born from 1945 to 1966
    • Make up largest portion of population-77 million people born
  • Not enough people working to pay for them.
  • People live longer today.
    • Avg. life span: male-82 years, woman-85 years
    • Compared to 1935: 77 years old for both.
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