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Econ final exam

Terms in this set (81)

In 1972, the average retired worker got a monthly social security check for $162.35
Adjusted to 2011 dollars: that would be $873.66
In 2011, the average retired worker got monthly social security check for $1228.57
This beats inflation by 38%
In the past 40 years, real wages have increased by 12%, but the Social Security payroll tax has increased only 2.45%.
The value of Social Security benefits keeps rising - while the number of workers per recipient keeps falling.
From 1970 to 2010, the ratio of workers funding the program to Social Security beneficiaries fell from 3.6 workers per recipient to just 2.8 workers per recipient.
By 2030, predictions suggest 1.9 workers for every retiree.
The number of workers paying into the system to retirees has fallen.
Meanwhile, the value of Social Security benefits goes up.
As the baby boomers continue to retire, prediction suggest that there will be less worker paying the social security tax.


Based upon the above information what is the evidence that the social security information supports. Check at that apply.

A. Congress has made no changes to Social Security.
B. Social Security is not funded for future generations.
C. Social Security is and will be supported by more workers paying for the benefit pension.
D. Social Security benefits have increased compared to inflation rates.
E. Social Security has not beaten inflation.
F. Social Security benefits are supported by a decreasing number of payees.
G. Social Security benefits are expected to be funded at increasing rates for future generations.