One of the main challenge we are facing in today's world is saving Social Security benefits for ourselves and our children's. Government has not been able to retrain spending on entitlements. Deficit is growing and in future will create many problems for our children’s future and for the nation. Our economy is not growing fast and debt is skyrocketing. Obama Administration has run the debt to the record high of 19.5 Trillion.
Federal Debt in Trillions
2007 2008 2009 2010 2011 2012 2013 2014 2015 2016
$8.95 $9.99 $11.88 $13.53 $14.76 $16.05 $16.72 $17.79 $18.12 $19.5
There are chance that Social Security and Medicare might not be there for our seniors and maybe for us and our children's. There is always fear of falling into poverty. US economy is not growing as fast as the expenses for example US economy has grown by over 200% while Medicare and Medicaid has grown more than 500% in last 25 years. The elderly population is rising while the social security contribution is decreasing. One of the main reason we have social security is because seniors needs to have some security when they get older.
Saving Social Security benefits is very important for our nation. No action means there will be no Social Security in future. High debt and low Revenue will result in un secured life for everyone. We will have to cut defense, benefits and certain programs. As discussed in this week's topics and discussion, if government needs to continue with federal and state mandated program they need to take concrete steps. We have to take scenarios of different states and implement similar cuts to balance the budget. Chris Christie turn around New Jersey. There are several state which are performing better like North Dakota, Wyoming, Iowa while improving the states which are worst like New Mexico, Illinois. Companies are moving jobs to overseas as taxes are very high for the businesses. We have one of the highest business tax in the world. By cutting taxes we can bring keep the companies in USA and bring the jobs back. Another is rising the eligibility age, slowly so that people can plan accordingly.
Citation:
Federal Debt Clock. (n.d.). Retrieved November 06, 2016, from http://www.usgovernmentdebt.us/agency_debt
U.S. National Debt Clock : Real Time. (n.d.). Retrieved November 06, 2016, from http://www.usdebtclock.org/
Frohlich, T. C., Sauter, M. B., Comen, E., & Stebbins, S. (2016). The Best and Worst Run States in America: A Survey of All 50. Retrieved November 06, 2016, from http://247wallst.com/special-report/2015/12/03/the-best-and-worst-run-states-in-america-a-survey-of-all-50-4/
