Social Security Program (SSP) Essay Example for Free

Social Security Program (SSP) Essay Summary As Social Security Program (SSP) is projected to be in deficit in the near future, there is a proposal to privatized SSP and giving workers the chance to invest their payroll taxes to investment opportunities with higher return.   However, it is barred by four major alternatives; namely, current system, tax increase, benefit cuts, and government-led investing.   It is found that privatization approach combined all the advantageous feature of the major alternatives and most importantly providing greater autonomy and worker satisfaction in the long-run.    As a result, it is recommended that further discussion must be opened to public, expert and politician debates to concretize privatization strength and also its weaknesses.   Introduction Officially referred as Old-Age Survivors and Disability Insurance (OASDI), SSP is a payroll tax funded social insurance program of the US.   In 2005, there is a proposal from President Bush to upgrade the current SSP by splitting the benefits to be shouldered by the Government and the benefits to be shouldered by the retirees themselves.   It calls for Thrift Savings Plan-like investment opportunities observed in Government workers which can be channeled to several investing options in bonds and securities market.   Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   Bush plan intends to divert part of payroll taxes to private social security accounts.   Democrats disagreed and assure that the Trust Fund is in good form until 2042.   Social Security and Medicare are two primary important national issues among voters.   The pay-as-you-go scheme is the current strategy of the SSP which makes current retirees beneficiaries of current taxpayers.   Also, due to this scheme, the proceeds from payroll taxes surpassed disbursements for two consecutive decades.   As a result, these surpluses are being diverted to other Congressional projects other than SSP.   As early as 2018, however, the surpluses would turn out to be deficits because of the fund diversion.   Analysis Creation of private accounts is argued to minimize long-term liabilities on one hand while this benefit could have short-run difficulties on the other.   The former is supported through the ability of private accounts to reduce payment to future retirees (e.g. the invested amount and interest).   The latter, however, recognized the tendency of those accounts to lengthen in the investment pot as prospective retirees suspend from going out the labor force.   As a result, the pre-retirement period will finance payment through a fund that suffers from a deficit (e.g. revenues/ payroll taxes are less than expenses/ retirement benefits).   Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   The surpluses since1983 are invested in US Treasury Bonds and gained at least $1.8 Trillion in 2005.   The importance of this figure would supposedly be eminent as there are forecasts that expenses will exceed revenues in the coming years.   However, the truth is that the Government is merely borrowing those surpluses to reduce budget deficits.   When the Trust Fund demands redemption, this would result to problematic scenarios such as increase in taxes, postponing of projects, rising debt and selling state properties.   This is the cause of turmoil on how to curb SSP direction.   If no action is done, the Trust Fund is bound to exhaust between 2042 and 2052 with emergency financing is only capable to cover at most 75% of SSP expenses. There is also a lobby to increase quality of life of retirees by raising the rate of return of the SSP contributions in level with interest paid via Government borrowing.   Although the proposal of President Bush addresses part of this, there is suspicion that the privatization strategy is tarnished by libertarian principles against redistribution of state income.   In 1980s, a single-earner couple would receive at least 7% return to their SSP investment.   In contrast, similar couples who are bound to retire in 2010 would only expect an earning of 3.6% return.   There are three elements of such plunge; namely, the aging workforce, rise of total benefits and minimal investment exposure of the Trust Fund.   The third element is vital to the concept of conservative investing as SSP is a means for retirees to remain independent in terms of financial support and be empowered regardless of age.   Findings Privatization provides the future retirees to shoulder investment risks and channel their contributions based on their return expectation.   They are benefited because customized needs will be addressed and retiree satisfaction is optimized.   In macroeconomic terms, it can trigger increase in wealth of retirees that can trickle down to rise in consumer spending which can lead to economic expansion.   In contrary to the current SSP, however, privatization houses moral hazards because excessive risks that will be confronted by individuals can proceed to investment crash.   The current system is characterized by lower risks and management costs compared to the possibility of zero returns and reduction of principal in privatization.   As the current system is bound for bankruptcy, it is aggravated by high payroll taxes, poor return and discrimination against women, low-waged and minority workers.   However, it minimizes the issues of insolvency that privatization failed to r esolve. Along with the current system, there are three non-privatization alternatives with regards to SSP; namely, tax increases, reduction of benefits and obtainment of greater return by real capital asset investing.   Increasing tax rates is supported by the research that US citizens are willing to pay indefinite amount of tax as long as it targets appropriate programs in which apparently Social Security is inclusive.   Further, it is projected that in the near future gross domestic product or GDP will outgrow Social Security taxes by at least 10% caused by pressures of aging population. To save the solvency of SSP from 2016 forecasted deficit, tax rise should meet $103 per worker and by 2030 such increase is required to hit $1,543 per worker.   In this course, adverse effects of tax increase option will result such as reduction in jobs as well as slower economic growth.   There will be also less incentive for workers to work because their Social Security contributions are viewed as pure tax rather as investment that they will receive when they retire. The second option is benefit cut.   One advantage of this is that retirees would be able to receive greater face value even after the reduction of benefits because the payment is done periodically. The privatization alternative also offers benefit cuts but on extreme terms such as ad adjustment of benefit indexing formula with inclusion of adjusted wage productivity and setting a non-greater-than inflation rate ceiling for rising benefits.   The benefit cut option will most likely follow the economic growth to prevent adverse economic impacts.   Specifically, the current SSP plan of increasing the benefits should be lowered to 3%.   Considering excessive benefit cuts of privatization approach, some analysts believed that reduction or even eradicating spouse benefits can be employed.   This strategy is said to solve the issue of small-wage earners. The third alternative is government-led investing by which the state will have the discretion of putting the money from the SSP to private assets.   Privatization also allows this feature with the difference of decision-maker who will make the call which is the workers themselves through creation of private accounts.   Government-led investing reduces the probability of individual workers to manager their finances on sub-optimal and risky manner.   It addresses the lacking of the current system for higher returns with limitation of risks from private accounts.   Potential retirees can enjoy greater returns on one hand and minimal risks on the other.   However, there is bottleneck on this approach. One of the major hurdles is that the substantial finance eminent in SSP can buy a major stake on US companies.   In effect, the negative image of Government agencies and even politicians can mix in corporate world.   Conclusion There is what analysts called ostrich method that supports the current system.   It challenges the very extreme view in projecting the insolvency of SSP.   For example, the growing economy will pus wages and payroll taxes up that can sustain the needs of the Trust Fund.   However, not only solvency issues are important at this stage of US economy.   Apart from the fact that unmet levels of economic growth yet experienced by the country is required to maintain SSP in the decades to come, there are issues of higher rate of return, elimination of minority and women life expectancy-to-benefit inequalities, greater opportunities for wealth creation and absence of right to benefits (e.g. lack of property ownership of contributors). When workers are able to invest their Social Security taxes on their own terms and choosing, it provides sense of ownership and control to their finances and necessarily results to addressing the issues cited in the preceding statement.   Seemingly, privatization is a better option compared to the three alternatives including the option of retaining the current system.   Recommendation It is recommended that the Government should execute due diligence going to final decision on how SSP will be managed.   The public must get involve with deliberations of economic, political and historical experts with authorities and the President on top of the discussion.   This effort would not be very demanding to them as Social Security is one of the most important national issues for US citizens and can serve as the primary source of politicians vote in coming elections.   With relevance on the household and national levels, SSP resolution would be a mere part of US challenge to sustainable growth.   References Anrig, G. (unknown). 10 Myths abut social security, The Century Foundation. Cox, W. (2005). An alternative to the destruction of social security, Online Journal. Lochhead, C. (2005). Bush’s social security proposal takes a hit: GAO finds problems with privatization, Chronicle Washington Bureau. Tanner, M. (2002). No second best: the unappetizing alternatives to social security privatization [Internet].

Skeptics and True Believers :: Free Essay Writer

Skeptics and True Believers In the first chapter, Raymo, opens with talk of his childhood. He brings to the surface the fact that children will believe just about anything they are told. In this chapter Raymo explains how people grow frm children into grown sdluts, peolpe somehow retain some of a child’s ability to believe in the unbelievable. It is the True Believer that retains â€Å"an absolute in some forms of empirically unverifiable make-belive...† (13), wheras the Skeptic always â€Å"keeps a wary eye even on firmly established facts.†(14) For an example, Raymo uses the Shroud of Turin, which simplly a linen cloth that has the likeness of a man on it ( some belive this man to be Christ). He tells of a time when the Roman Catholic authorities allowed scientists to radiocarbon date the Shroud. Small samples of the Shroud where sent with three samples controls of known age, to three independant labs. All three properly dated the controls and dated the Shroud to medieval time. Raymo conclueded that a Skeptic would have taken the evidence and belived it, while the True Beliver would find no truth in what was found. In fact, he said that the True Beliver would come up with explainations as to why the Shroud seems younger than it really is. In the next chapter, Raymo explains the main difference between Skeptics and True Believers is the opposite of what most people would think. He explains how â€Å"scientific concepts can be extraordinarily bizarre...† (27), wheras the True Believer believe what may seem much more sensible and somewhat down to earth. The example Raymo uses for this is DNA and its ability to reproduce itself. This tiny double-helix somehow manages to spilt and make a copy of its self from chemical components from whatever is surrounding it. It may seem easier for one to believe in a Shroud with a man’s face in it, or the picture of God in the Sistine Chapel, but it is the Skeptics who believe in the hard to concieve DNA. It is this DNA that contains the blueprints of what we are to look, talk, and act like. In chapter four, Raymo again brings up his childhood. He tells how he was forced into religion. The Church would not allow doubts to be spoken. For if it where to be questioned the whole religious system may fall apart. The only sources of information were the nuns, priest, and all other authorities that were ‘chosen’ by God.

My life In Hong Kong Essay

Dr. Jose P. Rizal, the national hero of the Philippines, had said, â€Å"Ang taong hindi marunong tumingin sa pinanggalingan ay hindi makakarating sa patutunguhan.†[1]   One must always know how to go back to one’s roots.   The essence of one’s life is greatly reflected by the ability to remember the path taken to get to where one is headed.   One’s achievements are also highlighted by the reflections brought about by the environment that shaped one’s own vision and mission in life.   Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   At this point in my life, where career opportunities are being shot at me from every direction, indecisiveness slowly creeps in to the corners of my mind:   what do I really want to do?   And one answer always keeps coming up:   I want to change the world.   Clichà ©, yes.   Probably impossible as well.   However, all grand actions in this world began with baby steps.   As for me, this research paper is my very own baby step.   Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   Despite still being undecided as to what the conclusion to my studies would be, as to what career path I would take, as to which country I would serve, this research paper will aid me in whatever ministry I decide to do. This research paper will lay down the path of understanding diverse professional and career opportunities.   If I decide to enter the corporate world and work under its marketing, sales or any other economics-related division, this research paper will bring about a deeper understanding of the economic policies of Hong Kong – why Chinese products and services are more acceptable to Hong Kong companies, rather than those offered by other countries, especially the United States and Great Britain.   If I do decide to enter a career in the academe, this research will pave the way for a deeper understanding of colonization, state freedom, and shifts in political, economic, social and cultural environments. On a personal level, this paper will help me understand immigrants in a deeper sense.   Just like Hong Kong nationals, immigrants experience a change in environment, and the struggle to balance embracing a brand new culture and holding on to age-old traditions passed from generation to generation. Either way, this research paper will not go to waste as it brought me back to the place that gave birth to my being. It’s been a long time since I’ve lived in Hong Kong.   Many times, I forget what it means to be Chinese – choosing a burger over dumplings and noodles, partying in Times Square on the eve of the new year and yet sleeping through the eve of Chinese New Year, not calling my family during holidays or even just to tell them how I am doing.   Living in a foreign country brings about either one of two things: craving to go back home or completely forgetting what home is like.   This research paper made me go through a journey that I was trying to evade – to remember where I came from. It is not easy to do a paper on a place that had been a part of my life.   And yet the perspective brought into the paper is the perspective of a third person – one who is not a Hong Kong local, Chinese national or British citizen.   This research paper on Hong Kong is done by someone from Hong Kong and yet all information and data are taken in a very objective view in order to report an unbiased analysis.   The need to present all sides of the issue is necessary for a better understanding of the conflict being presented in the paper. And this is what distinguishes this research paper from other research papers. [1] â€Å"A person who does not know how to remember where he came from will never get to where he wants to go.†

Who Is Robert Mueller Special Counsel, FBI Director

Robert S. Mueller III is an American attorney, former criminal prosecutor, and former director of the FBI. He spent decades investigating terrorism and white-collar crimes before being tapped by Republican President George W. Bush to head the Federal Bureau of Investigation. He is currently the Special Counsel for the United States Department of Justice, appointed by Deputy Attorney General Rod Rosenstein to investigate Russian interference in the 2016 election. Fast Facts: Robert Mueller Known For: Former Director of the FBI, decorated military veteran, and current Special Counsel appointed to investigate Russian interference in the 2016 electionBorn: August 7, 1944 in New York, New YorkParents Names: Robert Swan Mueller II and Alice Truesdale MuellerEducation: Princeton University (B.A., Politics), New York University (M.A., International Relations), University of Virginia (J.D.)Key Accomplishments: Bronze Star (with valor), Purple Heart Medal, Navy Commendation Medals (with valor), Combat Action Ribbon, South Vietnam Gallantry CrossSpouses Name: Ann Standish Mueller (m. 1966)Childrens Names: Melissa and Cynthia Early Years Robert Mueller was born in New York City on August 7, 1944. He grew up in both Princeton, New Jersey and a wealthy Philadelphia suburb called the Main Line. He is the oldest of five children born to Robert Swan Mueller II, a business executive and former Navy officer, and Alice Truesdale Mueller. Mueller later told a biographer that his father expected his children to live by a strict moral code. Mueller attended an elite prep school in Concord, New Hampshire, then chose to attend Princeton University for college. Princeton played an important role in Muellers life, because the campus—and specifically the lacrosse field—is where he met his friend and teammate David Hackett. Hackett graduated from Princeton in 1965, entered the Marines and was deployed in Vietnam, where he was killed in 1967. Hacketts death had a profound impact on the young Mueller. Speaking in 2013, Mueller said of his teammate: â€Å"One would have thought that the life of a Marine, and David’s death in Vietnam, would argue strongly against following in his footsteps. But many of us saw in him the person we wanted to be, even before his death. He was a leader and a role model on the fields of Princeton. He was a leader and a role model on the fields of battle as well. And a number of his friends and teammates joined the Marine Corps because of him, as did I.† Military Service Mueller joined the military after graduating from Princeton in 1966. He then began active-duty military service in 1967 at the Marine Corps Officer Candidates School at Quantico, Virginia. After training at the Army’s Ranger and Airborne schools, Mueller was sent to Vietnam as a member of H Company, 2nd Battalion, 4th Marines. He was wounded in the leg and reassigned to serve as an aide to a senior officer; he remained in Vietnam, despite his injury, until leaving active duty in 1970. Mueller was awarded the Bronze Star, two Navy Commendation Medals, the Purple Heart and the Vietnamese Cross of Gallantry. Legal Career During his legal career, Robert Mueller prosecuted Manuel Noriega, the former Panamanian dictator convicted of drug trafficking, money laundering and racketeering, as well as John Gotti, the Gambino family crime boss convicted of racketeering, murder, conspiracy, gambling, obstruction of justice and tax fraud. Mueller also oversaw the investigation into the bombing of Pan Am Flight 103, which killed 270 people when it exploded over Lockerbie, Scotland in 1988. A brief timeline of Muellers career is as follows: 1973: Began work as a litigator private practice in San Francisco after his graduation from the University of Virginia with a law degree.1976: Began work as a prosecutor for the U.S. Attorney Office for the Northern District of California in San Francisco.1982: Began work as assistant U.S. attorney in Boston investigating and prosecuting major financial fraud, terrorism and public corruption.1989: Began work as assistant to U.S. Attorney General Richard L. Thornburgh.1990: Began work as the head of the U.S. Department of Justices Criminal Division.1993: Began work in private practice specializing in white-collar crime for the Boston firm Hale and Dorr.1995: Began work as senior homicide litigator in the U.S. Attorney Office for the District of Columbia.1998: Named the U.S. attorney for the Northern District of California.2001: Appointed director of the FBI and confirmed by the U.S. Senate. FBI Director President George W. Bush appointed Mueller to the position of FBI director on September 4, 2001, just seven days before the terrorist attacks of September 11, 2001. Mueller went on to become the longest-serving FBI Director since J. Edgar Hoover, and the first to exceed the statutory 10-year term limit since it was imposed in 1973. Bushs successor, President Barack Obama, granted a rare extension to Muellers term, citing Muellers steady hand and strong leadership as the nation anticipated another terrorist attack. Mueller served until September 4, 2013. He is the only FBI to have been granted such an extension since the term limit went into effect. Ongoing Role as Special Counsel On May 17, 2017, Mueller was appointed to the role of Special Counsel to investigate Russian interference with 2016 presidential election and other matters, according to an order creating the position signed by Deputy Attorney General Rod J. Rosenstein. The investigation is ongoing. Sources .†Robert S. Mueller, III, September 4, 2001- September 4, 2013â€Å" Federal Bureau of Investigation, 3 May 2016.Ruiz, Rebecca R., and Mark Landler. â€Å"Robert Mueller, Former F.B.I. Director, Is Named Special Counsel for Russia Investigation.† The New York Times, The New York Times, 17 May 2017.â€Å"Appointment of Special Counsel.† The United States Department of Justice, 17 May 2017.Graff, Garrett M. â€Å"The Untold Story of Robert Muellers Time in Combat.† Wired, Conde Nast, 7 June 2018.