Finance the social security program

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As the baby boom generation begins to reach retirement age and the increase in the life expectancy in the US, people will be receiving Social Security payments for a longer period of time. Thus, the government expenditures will increase with the larger and longer-lived elderly population, but tax revenues (that finance the Social Security program) will not increase since the working-age population has not changed. As a result, government deficits are predicted to become larger in coming years.

In your opinion, what should the government do to handle this situation?

Reference no: EM13982466

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