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Principles of Economics 2e

2nd Edition
Steven A. Greenlaw; David Shapiro
ISBN: 9781947172364

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BuyFindarrow_forward

Principles of Economics 2e

2nd Edition
Steven A. Greenlaw; David Shapiro
ISBN: 9781947172364
Textbook Problem

As the baby boom generation retires, the ratio of retirees to workers will increase noticeably. How will this affect the Social Security program? How will this affect the standard of living of the average American?

To determine

The effect of the retirement of baby boom generations over Social Security program and the standard of living of the average American is to be determined.

Explanation

The baby boomers affect the Social Security Programs which are built for their welfare. As the baby boomers have less financial security, they tend to put more pressure on these types of Social Security Programs. The cost of social security would rise faster than the taxes as the retired people’s population increases much more rapidly than the working group. When the ratio of retirees to workers increases, then the government will either cut some benefits given throu...

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