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According to Lord Robins, "Economics is the science which studies human behavior as a relationship between ends and scarce means which have alternative uses." Economics is subdivided into microeconomics (study of individual markets) and macroeconomics (study of the entire economy)…
But there is more to the Social Security System than a mere pension arrangement. The economic gait is that Social Security is a mechanism whose functioning ensures the provision of revenue for disfavored members of the society such as the old, the handicapped, the ill and the unemployed, so as to enable them meet up with basic necessities. Like the Balance of Payment (BOP) and the business cycle, the Social Security System experiences many set backs but there exists a Social Security problem. The interest here is to identify this problem and propose a way of fixing it. It shall therefore be important to view the functioning of the Social Security System then identify the Social Security problem before proposing a possible solution to this problem.
In an article entitled 'Solving the Social Security Problem in America', published in his website; Russell Bailyn's Financial Planning Blog, the New York Wealth Manager, states that: 'Social Security is a federal program which provides retirement and disability income to workers through the collection of Social Security taxes. Every worker in the United States is responsible for paying these taxes during their working years and entitled to receiving benefit checks when they are eligible for retirement.' Bailyn's explanation is a perfect illustration of
how the Social Security System functions. ...
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