Taxing Young for Social Security Essay

The subject I decided to compose about was. “Instead of taxing immature for societal security. the authorities should repair nutrient. vesture. and shelter monetary values to profit the poor” . I happen to differ with this statement. Although the authorities repairing monetary values on nutrient. vesture. and shelter to profit the aged sounds like a nice thought. it will finally do the economic system to stop up in a catastrophe with bigger jobs.

Repairing the monetary value of something below the market glade monetary value may look to profit consumers. but this creates a deficit since the monetary value mechanism is non allowed to respond harmonizing to the Law of Supply. which in this case would raise monetary values. If the authorities were to repair monetary values on nutrient. vesture. and shelter to profit the aged. the economic system would turn into a muss. Repairing monetary values is precisely what they do in socialist states. and it has non been working out really good for them. Soviet Union was a controlled economic system ( socialism ) .

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It became so corrupt and unsustainable it collapsed in the late 1980’s. China was at that place witnessing this taking topographic point and decided to relocate to a more market-based economic system ( capitalist economy ) . Those states that are still keeping on strong to socialism. such as North Korea and Cuba. are in an economic sorry province. Young people pay into societal security with hope that they will excessively profit later on in life. When you are older. there will be adequate immature people who can pay for your societal security.

When George W. Bush was president. he tried to alter societal security. He wanted each individual to be responsible for salvaging for their ain retirement instead than trusting on the authorities. The alteration got shot down by members in Congress because it was traveling to ache the seniors. Therefore. holding younger people pay for societal security instead than seniors is how things have been chosen to make. However. we may hold a large job paying for societal security as the figure of people taking it grows and the figure of people seting into it gets smaller.

We will likely hold to raise the sum people put in and lower the sum people take out. Some might see this as a type of socialism. but it is the system we inherited and it most probably will non travel off. In decision. whenever monetary values are fixed by the authorities. a deficit is created. Finally person or something has to pay for it. Manufacturers lose motive to bring forth and their production beads. Cost to bring forth finally goes up. and less production is taking topographic point. Soon. production and supply will fall in and be to pay for the economic muss is immense.

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