Estimate the social security program

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Reference no: EM13800021

According to the Congressional Budget Office, current projections estimate the Social Security program will have a zero balance in its trust fund sometime around 2040.

Predict the major changes that would need to occur within the program if the trust fund disappears. Provide a rationale for your position.

Economists agree that the solution to the Social Security crisis is relatively simple: take in more taxes or pay out fewer benefits.

From the, defend the option-i.e., taking in more taxes or paying out fewer benefits-that that you believe to be the more effective solution. Speculate upon the necessary rise in taxes or fall in benefits that would restore the fund's balance. Determine whether or not Peter Diamond would agree with your proposed solution. Provide a rationale for your response.

Reference no: EM13800021

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