ABOUT THIS BLOG

I shall post videos, graphs, news stories, and other material. We shall use some of this material in class, and you may review the rest at your convenience. You will all receive invitations to post to the blog. I encourage you to use the blog in these ways:

· To post questions or comments;

· To follow up on class discussions;

· To post relevant news items or videos.

There are only two major limitations: no coarse language, and no derogatory comments about people at the Claremont Colleges.

The syllabus is at http://www1.cmc.edu/pages/faculty/JPitney/gov106-fall15.html

Search

Monday, December 3, 2012

Boom!



From: http://www.aoa.gov/aoaroot/aging_statistics/future_growth/future_growth.aspx





From: http://waysandmeans.house.gov/uploadedfiles/aarp_report_final_pdf_3_29_11.pdf





Workers per social security beneficiary
 From: http://www.ssa.gov/oact/tr/2012/tr2012.pdf

People retiring today are part of the first generation of workers who have paid more in Social Security taxes during their careers than they will receive in benefits after they retire. It's a historic shift that will only get worse for future retirees, according to an analysis by The Associated Press.

Previous generations got a much better bargain, mainly because payroll taxes were very low when Social Security was enacted in the 1930s and remained so for decades.

"For the early generations, it was an incredibly good deal," said Andrew Biggs, a former deputy Social Security commissioner who is now a scholar at the American Enterprise Institute. "The government gave you free money and getting free money is popular."

If you retired in 1960, you could expect to get back seven times more in benefits than you paid in Social Security taxes, and more if you were a low-income worker, as long you made it to age 78 for men and 81 for women.

As recently as 1985, workers at every income level could retire and expect to get more in benefits than they paid in Social Security taxes, though they didn't do quite as well as their parents and grandparents.

Not anymore

From: http://www.foxnews.com/politics/2012/08/07/new-retirees-receiving-less-in-social-security-than-paid-in-marking-historic/



From: http://www.brookings.edu/blogs/up-front/posts/2011/08/26-census-race-frey

No comments: