Answered: Why do most researchers consider the…

Economics:

10th Edition

ISBN:9781285859460

Author:BOYES, William

Publisher:BOYES, William

Chapter33: Income, Income Distribution, And Poverty

Section: Chapter Questions

Problem 8E

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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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