Question: 1. (10 points) Social Security is a federal entitlement program. Senator Rick Scott proposes that all federal entitlement programs have to be renewed every 5

1. (10 points) Social Security is a federal entitlement program. Senator Rick Scott proposes that all federal entitlement programs have to be renewed every 5 years. The renewal can change the funding (benefit payments) and taxes. Senator Rick Scotts proposal is part of a plan to reduce federal entitlement spending and enable larger tax cuts. Explain how this plan should a prospective Social Security beneficiarys

a) (3 points) present value of their endowment

b) (3 points)well-being (level of utility) and

c) (4 points) savings

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