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14 Cards in this Set
- Front
- Back
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Key aging policies
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1935 SS*
1965 Medicare and medicaid 1965 Older Americans Act * (OAA) 1967 Age Discrimination Employment Act 1974 Employee Retirement Income Security Act 1987 - OBRA - improved nursing home 1996 - Family Medical Leave Act 2003 - Medicare Prescription Drug Bill |
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When was attention finally given to elderly? Ho wmuch of budget spent SS + medicare 70 vs 2010
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not until 1930, then in 1970 19% of budget, not its 30%
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Older Americans Act 1965 (OAA) =
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-nation aging network for comprehensive planning, coordination and delivery of aging services
-Federal level program -* Services available to all 60+ regardless of income, but targets poor |
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Delivering OAA services
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Human Health Services (federal level)
> AoA > State units on aging > AAAs (Area Agencies on Aging, about 5-10 per state) |
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Social Security stats today = (amount paid, % covered, largest income for elderly?)
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564 billion to 43 million ppl
95% are covered Largest source indeed (also is progressive) |
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When will SS revenue fall below pay out, and be depleted? What 3 reason?
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2027 tax revenue fall below benefits
2040 trust fund depleted Reasons: Aging of baby boomers, increased life expectancy, fewer workers per retiree (dependency ratio) |
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Proposals: Raise retiremement Age =? , what are cons
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Early retirement: increased from 62 to 65
Full retirement: increased from 67 to 70 (affects men and minorities with shorter life spans though, could mean less jobs available for younger) |
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Proposal: Reduce Benefits =?, what are cons
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Increase consecutive years needed for employment from 10 to x, lower benefits everyone, lower COLA (cost of living adjustments, = inflation protection)
cons = long lived adults, poorest who rely on it the most |
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Proposal: Means testings or Affluence testing = ?, cons?
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Means testing = restrict benefits to poor
Affluence test = reduce benefits to higher income individuals con = counter to original intent of entitlement program (not a welfare!) |
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Proposal: Privatization = ?
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-payroll taxes to investment accounts in stock market
-replace or supplement reduced SS benefits -place greater reliance on individual savings |
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Pros and cons of privatization =
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Pros = more control
extra $ goes to theirs cons = less money in system, transition cost (generation pays doubly) -unstable potentially -potential for mismanagement |
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Future of Social Security
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Financially stable in short-term, but is very popular ! is a nice secure leg of 3-legged stool (need better private retirement though)
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Political forces in aging/SS
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Elderly are most active voters,
have strong interest groups, political lobbies Federal programs have broad support |
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Concerns of aging and SS* (fib slide)
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Aging baby boomers
Increases dependency ratio other financial priorities (medicare/medicaid) |
