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Threats to the future of Social Security 

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Threats to the future of Social Security 

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- When the program began for every 25 workers were 1 beneficiary. Now it's for 3.3 workers there is a 1 beneficiary.
-The baby boom where in 1946-1974 there 76 million people born. As the generation of baby boomers retire the number of workers who fund social security will decline and number of people eligible for Social Security increases.
- Increases life expectancy so it adds more pressure for the program.

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1935- Roosevelt signed the Social Secuirty Act into law
1965- Congress adds Medicare to the program. Medicare was made to help the elderly with medical cost.
Security and Medicare are the most expensive programs in federal budget and currently make up 44% of all federal expenditures.

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Budget deficits require huge interest payments.
Budget deficits will be a heavy burden on future generations and make it difficult to fund key policy goals.

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Budget Barriers to Achieving a Balanced Budget

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Budget Barriers to Achieving a Balanced Budget

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Entitlement programs cover 60% of the budget which limits the president and congress on what they can do.
Federal agencies hope that each year their budget grows a little more. If it is small increasing but is regular increasing its called incrementalism. When this is in the budgetary process it is hard to have spending cuts.
The fragmented federal system enables interest groups to resist tax increases and defend favored groups.

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-The Presidents budget is sent to both House and Senate Appropriations Committees which hold hearing on the key items.
- Tax proposals are referred to the House Ways and Means committee and the Senate Finance Committee.
- Congress needs to pass 13 major appropriation bills by the beginning of the federal government's fiscal year on october 1.

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Things the Congressional Budget and Impoundment Control act of 1974 established :
-it was a reform to the congressional budgetary process and regain power lost to executive branch
- a fixed budget calendar
- budget committee in each house of congress
-Start of Congressional Budget office (CBO) which perdicts their future revenue and consequences of budget decisions.

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The President initiates the budget process by submitting a proposed budget to Congress.
- The Office of Management and Budget (OMB) has the primary responsibility for preparing the federal budget.
- The budget establishes or reflects the Presidents policy agenda of his priorities and goals.

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Borrowing
-We have a federal debt of 12 million
-We pay around 5-9% of our federal expenditures trying to pay off the debt.
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Discretionary Spending
-not required by law
-Includes things such as education, agriculture, highways, government operations and etc..
- Makes up 20% of total federal budget.

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Uncontrollable spending
- The legislative (congress) nor the executive (President) can change uncontrollable spending.
-60% of federal fall into this category of uncontrollable spending.
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This includes entitlement program which is a program that give benefits to people that meet requirements set by law. and are the largest portion of uncontrollable spending in federal budget. This is social welfare basically. Such as Social Security, Medicare, and Medicad.

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Custom duties also known as tariffs are just taxes imposed when you import goods from another country to the United States .
-It use to the government most important source of income

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-Excise tax is taxes on the manufacture, sale or consumption of the good and service. Its just regular tax for example when we go into stores we pay that tax for the piece of gum or candy.
-Estate tax is an imposed tax on the property of someone who dies.
-Gift tax is taxes imposed on a gift when one person (living) gives to another.

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- The Social Insurance taxes are regressive because they are imposed at a fixed rate without knowing the taxpayer's income

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Corporations pay from a 15% to 35% of taxable income.

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-46% of our federal tax revenue comes from the individual income taxes.
-The Corporate income tax generates around 12% of federal tax revenue.
-Social Insurance taxes generate approximately 36% of federal tax revenue
-Excise taxes generate around 2.7% of federal tax revenue
- Estate taxes gives us 1.2% of federal tax revenue.
-ustom duties gives us 1.1% of federal tax revenue.

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Progressive tax- The more money you make the more your income taxes will be.
Regressive tax-  Its a fixed rate without knowing peoples income so it cause poor to pay more than those with higher income.

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Taxes: Regressive, Progressive, and Proportional

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Uploaded by Brynna Shouse on 2015-11-13.

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The 16th Amendment allowed the congress to be able to levy an income tax

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Monetary Policy is controlled by the FDR (Federal Reserve Board)
It regulates our money supply and tries to control from having inflation(prices going up).
It also adjusts our interest rates.
Fiscal Policy is controlled by two branches which are the legislative and executive. The head of the executive branch our President proposes the federal budget while the legislative branch who is our Congress passes it.
https://www.youtube.com/watch?v=_tULRch1PRQ

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Monetary and Fiscal Policy: Crash Course Government and Politics #48

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AP U.S. Government and Politics exams have thus far not devoted any multiple-choice or free-response to foerign policy and national security. In contrast, they have devoted a number of questions to Social Security. It is very important for you to study the demographic forces that are combing to threaten the solvency of the Social Security system.

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Be sure you understand that entitlement programs represent the largest portion of uncontrollable spending in the federal budget. Entitlements thus represent a formidable barrier to achieving a balanced budget