00:01
Okay, problem 16 talks about social security and a lot of different, the different aspects of social security.
00:07
So the first thing we're going to talk about is why social security is referred to as a pays you go plan.
00:12
And that is because, shapes that color, that is because current revenue from paying into social security should be sufficient for all current social security recipients.
00:53
So basically what that means is that the current money that social security program is getting by having people buy into it should be sufficient for the amount of people that are currently receiving social security.
01:04
The social security trust fund is a fund for extra money just in case there is not enough within the currently being paid in to pay out what is needed for sort of security.
01:31
So, but there's been this problem known as the long -term fiscal imbalance, and this is due to the aging of our population, which means that more people will be on social security because it starts at 65.
01:49
More people will be on social security for a longer period of time, and some of the causes of the aging population are lower birth rate and higher life expectancy, name a few...