After reading these two, leave a brief response for each Social Security is a pay-as-you-go program, which

After reading these two, leave a brief response for each

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Social Security is a pay-as-you-go program, which means that current workers contribute to the program through payroll taxes, which are then used to pay benefits to retirees. With the increasing number of retirees and the decreasing number of workers, the Social Security program may become insolvent as there may not be enough workers to support the increasing number of retirees. This may result in a reduction in benefits for future retirees, putting additional strain on their standard of living. The standard of living of the average American is also likely to be affected by the increasing ratio of retirees to workers. As the number of retirees increases, the demand for goods and services will also increase, which may lead to inflation and increase the cost of living. This, in turn, will reduce the purchasing power of the average American and make it difficult for them to maintain their standard of living Social Security is a pay-as-you-go program, which means that current workers contribute to the program through payroll taxes, which are then used to pay benefits to retirees. With the increasing number of retirees and the decreasing number of workers, the Social Security program may become insolvent as there may not be enough workers to support the increasing number of retirees. This may result in a reduction in benefits for future retirees, putting additional strain on their standard of living. The standard of living of the average American is also likely to be affected by the increasing ratio of retirees to workers. As the number of retirees increases, the demand for goods and services will also increase, which may lead to inflation and increase the cost of living. This, in turn, will reduce the purchasing power of the average American and make it difficult for them to maintain their standard of living

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ANSWER Social Security and Standard of Living The description of the challenges facing Social Securi... View the full answer