Political Economic Stances On Social Security

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Political-Economic Stances on Social Security: A Look into Liberalism and Social Democracy

By merely glancing at the political systems across the world, it becomes clear that politics and the economy are inextricably tied. Both are institutions that maintain some sort of balance between freedom and equality, and both are associated with a variety of ideologies regarding what the best balance is (O’Neil 2013, 101 & 112). We often see how politics and economics influence each other, with policy focusing on economic regulation, and a country’s economy reflecting how well the state can operate.
One important aspect when looking at political economy, the study of how these institutions affect one another, is a state’s social expenditures (O’Neil 2013, 102 & 105). In the United States, there is currently a debate surrounding on such component of this aspect: Social Security. Social Security is a form of savings set aside for retirees that is controlled by the government. While some argue that it is a necessary source of income for those that are no longer working (Anrig and Wasow 2005, 4), there are also those that assert the system is far too costly and simply no longer works for Americans (Maya MacGuineas, 2001, 1 & 3).
This paper aims to exam the ideologies of liberalism and social democracy and how they would approach the Social Security debate. From there, I will discuss which ideology offers the best solution to this issue, with a final summary in the conclusion. Overall,
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