Our Ability to Manage Social Security as a "Pay-As-You-Go" Program

question 67

Multiple Choice

Our ability to manage Social Security as a "pay-as-you-go" program (in which taxes collected from those currently working are used to make benefits payments to those currently retired) is impaired when the number of retirees per worker increases. The current concern about the stability of Social Security is based primarily on projections that there will many more retirees per worker as the baby boomers continue to retire. Then, if we want to maintain a pay-as-you-go system, we can:

• A) lower payroll taxes to ease the burden on those currently working.
• B) raise payroll taxes to compensate for the increase in the number of retirees.
• C) lower payroll taxes to compensate for the increase in the number of retirees.
• D) raise payroll taxes to ease the burden on those currently working.

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Definitions:

Snob Effect

A phenomenon where the demand for a particular good increases as the price increases because the good is perceived as exclusive or high-status.

Pure Price Effect

The impact on consumer demand and behavior resulting solely from a change in the price of a good or service, with income and substitution effects considered separately.

Externality Effect

The impact of one person's actions on the well-being of a bystander, which may be positive or negative and not reflected in market prices.

Network Externality

Situation in which each individual’s demand depends on the purchases of other individuals.