...Social Security Systems in the Netherlands From decades social security policies are in question all across Europe. Moreover, the future expectations of changes in the social security systems due to the variations in household structures and ageing of the society bear new social security systems. As most of the European countries the Netherlands, had a substantial growth in the 1960s. After the oil crises, the economy of the Netherlands worsened. Despite the successful creation of a large number of new jobs in the 1980s the growth of unemployment continued and remained persistent in character and still today. However, the social security system in the Netherlands is not alike to the 1970s and 1980s. The Dutch government expenditure on social benefits is characteristic of the well-developed welfare states - at 27.4 percent it is now above the EU average of 22.9 percent. It is among the high taxation countries and over average GDP per capita. Public employment is low and it has one of the lowest poverty rates. The extraordinary level of economic growth of the 1960s created the economic surplus in the Netherlands but by the world’s two oil crisis in the early 1970s the economic climate started to deteriorate. A stunning increase of unemployment in the late 1970s provoked a policy of labor cost reduction and cuts in the social security budget. It was believed that an increase in the real wages and social benefits would imply a further rise of unemployment. Moreover, it was...
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...A Report on American Economics in English Includes Social Security. 006 American Government-Economics Most of the problems of the United states are related to the economy. One of the major issues facing the country today is social security. The United States was one of the last major industrialized nations to establish a social security system. In 1911, Wisconsin passed the first state workers compensation law to be held constitutional. At that time, most Americans believed the government should not have to care for the aged, disabled or needy. But such attitudes changed during the Great Depression in the 1930's. In 1935, Congress passed the Social Security Act. This law became the basis of the U.S. social insurance system. It provided cash benefits to only retired workers in commerce or industry. In 1939, Congress amended the act to benefit and dependent children of retired workers and widows and children of deceased workers . In 1950, the act began to cover many farm and domestic workers, non professional self employed workers, and many state and municipal employees. Coverage became nearly universal in 1956, when lawyers and other professional workers came under the system. Social security is a government program that helps workers and retired workers and their families achieve a degree of economic security. Social security also called social insurance (Robertson p. 33), provides cash payments to help replace income lost as a result of retirement...
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...Social Security Sherese Jones BUS681 Instructor Lori Wieters March 17, 2014 Social Security Every human being is faced with the problem of economic security (Dewitt, 2010). It’s a universal problem that encompasses the way in which an individual or family provides for assurance of income when an individual us either too old, too disables to work, when a family head of household dies, or when a worker faces involuntary unemployment (Dewitt, 2010). Some strategies are mostly individual such as saving and investing. Others rely on help from family members, religious group, unions, or social welfare programs (Dewitt, 2010). Some strategies are mixed with both and with use of various forms of insurance to reduce economic risks (Dewitt, 2010). The concept of insurance is to minimize economic risk by contributing to a fund from which benefits can be paid when and insured individual suffers a loss (Dewitt, 2010). From this social insurance was derived. Social insurance provides a method to address their economic security (Dewitt, 2010). The concept of social insurance is that the individual contributes to a central fund managed by governments and then used to provide income to individuals when they become unable to support themselves thus, creating the U.S. Social Security system (Dewitt, 2010). For this assignment, the concept of social security will be discussed as well as the viability of the program over the next 20 – 30 years and will provide recommendations on how...
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...GOVERNMENT MANDATED BENEFITS Benefits May 18, 2015 Table of Contents Introduction…………………………………………………………………………………………………………………………3 Article Summary…………………………………………………………………………………………………………………3 Analysis……………………………………………………………………………………………………………………………….4 Conclusion…………………………………………………………………………………………………………………………..6 References…………………………………………………………………………………………………………………………..7 Introduction In this article, we will be summarizing and analyzing an article on “Mandated Insurance Benefit Laws: Important Health Protections for Women and Their Families”. The federal and state governments in the United States have mandated certain benefits, mostly related to health insurance. Employee benefits can consist of a variety of benefits that could become a great addition to an employee package. The article analyses the economic impact of these benefits. Article Summary There are certain benefits which have been mandated by the government which an employer must provide to its employees. Businesses use benefits to attract new employees and give current employees a greater sense of job satisfaction. The United States government has mandated certain benefits for employers to provide to their employees. Employers mostly and in some cases employees need to pay for these benefits. This article analyses the reasons behind the choices the government has made. Employee benefits are much more than health insurance, vacation time, and 401 (k) plans. Companies with 50 or more employees must also...
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...branches into many facets. From economic prosperity, the protection of fundamental rights and freedoms, as well as law making and administration, the government’s role in a nation is undeniably pivotal. However, what many people regard as the most essential aspect of a governments responsibility, is the influence it has in terms of upholding and monitoring the welfare state. The welfare state is defined as: “A system whereby the government undertakes to protect the health and well-being of its citizens, especially those in financial or social need, by means of grants, pensions, and other benefits.” This system is imperative to the social progress of a nation and the wellbeing of a society. The Maintenance of a good quality of life for Canadians reflects positively on all branches of a government, including economic growth, the utmost important aspect of a successful nation; thus, it is a necessity and advantageous to the Canadian economy. Economic growth refers to: “An increase in the amounts of goods and services produced per head of the population at one time.” The main causes of economic growth are better-educated and more skilled workers, as well as higher rates of investments and consumer spending, both of which can be enhanced by the use of different social programs. However, the issue with various social programs is its creation of a society run on long-term government dependency. Programs such as welfare as well as employment insurance which offer direct funding towards...
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...History The U.S. Social Security program is designed to aid residents in need through welfare subsidies. The programs are provided by organizations on federal, state, local, and private levels; and help to provide eligible residents with food, shelter, healthcare, education and money. Aid is provided through financial aid for college education, unemployment disability insurance, food stamps, pensions for eligible low-wage workers, subsidies for housing, and health insurance programs for public employees (Feldstein, 2005; Krugman, 2007). President Franklin D. Roosevelt enacted the Social Security Act on August 14, 1935 as a means to battle the Great Depression of the 1930’s. Beginning in 1932, the government had started providing loans and grants to States to pay for direct relief and work relief, since States, local communities, and private charities did not have the financial resources to cope with the growing needs of the American people. Then in 1935, when the Social Security Act was created, two social insurance programs were established on a national level for the American people. One of these Federal systems provided benefits for the elderly and retired workers who had been employed in industry or commerce. The second was a Federal-State system that would provide insurance to the unemployed (Historical Development, n.d.). Since its conception, the Social Security Administration has grown and developed programs shaped by America’s changing economic and social conditions...
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...implement rules and regulations and has passed out a series of laws concerning benefit practices. Some of those laws included The National Labor Relations Act of 1935, the Internal Revenue Code, The Fair Labor Standards Act of 1938, The Employee Retirement Income Security Act of 1974, Pension Protection Act of 2006, HIPPA IN 1996, COBRA in 1985, The Americans with Disabilities Act of 1990, The Civil Right act of 1991, just to name a few. According to Martocchio, these law were all established to regulate the establishment and implementation of discretionary benefits practices (56). Across the years these laws have both benefited and placed a burden on many employers and employees alike. With the ever increasing power of global corporations the government has intervened more with laws and regulations that protect both workers and consumers. Today, there is some type of government intervention with any product sold in the United States, an organization cannot discriminate in hiring, child labor is prohibited, the government enforces workplace safety, and so on, so forth. All of these legislatures were made to protect an employer and an employee in the workplace. However with continuos amendments, and new legislation being put into effect on a regular basis, the regulations on benefits have become extremely complex, and misunderstood by many. The government continues to pass on laws regarding benefit practices but instead of doing that, I...
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...Asia Spending Too Little on Poor Introduction Asia, predominantly consisted of developing nations are experiencing rapid economic growth in the past decades. However, for the majority of the population, quality of life have not improved accordingly. In most countries, social security policies are under-budgeted which could be used help the lower-income, unemployed, elderly, or those stricken by natural disaster. As one of the most developed nation in the region, Singapore still fell behind on social protection spending. Combined with rapidly aging population, Singaporeans have the highest savings rate in the world. Fearing that the government will not be able to help them in the future (Quasem 2013). From the extract of the article above, this paper will underlie the definition and academic analysis of Singapore’s underspending on its social protection policy. Which will include a discussion on its current GDP, Economic inequality, fiscal policy, and subsidy. Even though the article discusses on the problem as a continent, with the given world count limitation, the essay will only look on Singapore alone. A concluding statement will follow with an appropriate argument of the consequence of the policy currently at hand. Discussion With $65,048 per capita GDP, Singapore is known for having the fifth highest per capita GDP in the world (Singstat.gov.sg 2005). GDP, or gross domestic product, is a measure of the total value production of goods in services within a nation...
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...Progressive party endorse social insurance as part of their platform, including health insurance. 1912 National Convention of Insurance Commissioners develops first model of state law for regulating health insurance. 1915 The American Association for Labor Legislation 1912 Teddy Roosevelt and his Progressive party endorse social insurance as part of their platform, including health insurance. 1912 National Convention of Insurance Commissioners develops first model of state law for regulating health insurance. 1915 The American Association for Labor Legislation Early 1900's 1921 Women reformers persuade Congress to pass the Sheppard-Towner Act, which provided matching funds to states for prenatal and child health centers. Act expires in 1929 and is not reauthorized. (AALL) publishes a draft bill for compulsory health insurance and promotes campaigns in several states. A few states show interest, but fail to enact as U.S. enters into World War I. The idea draws initial support from the AMA, but by 1920 AMA reverses their position. 1927 Committee on the Costs of Medical Care forms to study the economic organization of medical care. Group is comprised of economists, physicians, public health specialists, and other major interest groups. Recommendations were completed by 1932. While some members would not support the recommendation for medical group practice, the majority did endorse the idea, along with voluntary health insurance. 1929 Baylor Hospital...
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...Social Security should not be canceled. It is an essential part to Americans and this program should continue. If the benefits of Social Security were to be cut Americans will feel the drastic effect. Social Security has worked successfully until recent years when strategists predict that the rate of payee is less than the rate of beneficiaries. In another word, the rate of people paying for the program is less when the rate of retires people increases. Therefore, money will not come in fast enough to support the program. This is going to be a major problem when the Baby Boomer reaches their retire age. Social Security is becoming a major concern to Americans as elderly populations, especially baby-boomers, are approaching old age. The generation that will take its place in the workforce is far smaller in proportion to the number of retirees, raising fears about the sustainability of Social Security. As a result of this decrease in the population there will not be as many citizens to Social Security. By law, the Trustees of the Social Security Trust Fund are required to plan seventy-five years into the future to determine whether, according to the best demographic and economic forecasts available. Social Security will be able to obtain enough money through payroll taxes on current workers to continue to pay benefits to those in retirement. Payroll taxes on current workers will be able to bring in enough revenue to finance Social Security. However, if the forecasts indicate a...
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...Implications of Health Economics Concepts for health Care Marcus Bright Strayer University Health Economics HSA 510 Dr. Jeff Kaluyu October 27, 2014 Abstract Income Inequality and Rising Health-Care Costs in the United States shows that health costs are the biggest driver of income inequality. This reason has made health care economics to go through multiple renovations leading from money which is the substance of health care economics and that has become vital to economists, policymakers, researchers, and organizational leaders. Today, most employers pay their workers a combination of wages and benefits, the most important of which is health coverage. This too has caused employer’s to hold back on salary increases to keep total compensation costs to cover the high cost of health insurance increases. In health care economics, the gross domestic product (GDP) is of paramount importance and in evaluation of, there is a remarkable rise in the GDP from 5.2% in the 1960’s to 16.2% in 2008, and an anticipation of 19% or more by 2019. It is based on those ongoing increases that this paper will reflect on the concepts that have impacted the world of health care economics in the US. Health Care Professionals and Understanding the Discipline of Health Economics The economics of health care methodologies for funding have continuously been changing since the 1800s. This started with the founding of the American Medical Association in 1847, which promoted scientific...
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...Macroeconomics Social Security Chapter One: The Structure of the Social Security System What is Social Security? How does it work? When and why was it started? Who benefits from Social Security? Who pays into Social Security? According to the Merriam-Webster dictionary, Social Security is “the principle or practice or a program of public provision (as through social insurance or assistance) for the economic security and social welfare of the individual and his or her family; or a U.S. government program established in 1935 to include old-age and survivors insurance, contributions to state unemployment insurance, and old-age assistance”.# Social Security was a plan enacted on August 14, 1935, by President Franklin D. Roosevelt. This program provided people in a need base situation with survivor benefits, disability benefits, health-care benefits, and automatic cost-of-living adjustments. In order to fully understand Social Security one must understand how and why it came about into our economy and society and the effects it has had on our nation. In the late 1800’s many of Americans earned a living out on the farm. People made money according to how well they could produce certain crops, how much they sold, and how easy it was for the farmers to get their goods to a marketplace. This set a basis and standard of living where children didn’t have to worry about what they would do for a living. At that time there was only one option, and that was to be a farmer...
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...Dr. David Tataw Healthcare Economics February 2, 2015 The economics of health care field studies demand and supply of health care resources, that is, allocation of the resources, within a given health care system. The health care system is defined as “the organizational arrangements and processes through which a society makes choices concerning the production, consumption, and distribution of health care services.”6 Because health care resources are limited, each society has to make decisions in terms of the distribution, consumption, and production of these services. A key factor that shapes the delivery of health care in any health care system is the evolving system for financing and reimbursement for health care services. The types of services delivered and the organizational approaches to delivering services are heavily influenced by how health care is paid for. In this paper I will discuss some values of healthcare professionals understand the discipline of health economics, the importance of considering the complex nature of health and healthcare when examining the economic principles, and the main potential benefits of learning about health economics. In the health care market, patients or consumers, health care providers or producers, and third-party payers are three major players. According to the principles of economic theory, consumers or patients on the demand side seek to maximize their utility or satisfaction, which is largely determined by...
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...Social Security should not be canceled. It is an essential part to Americans and this program should continue. If the benefits of Social Security were to be cut Americans will feel the drastic effect. Social Security has worked successfully until recent years when strategists predict that the rate of payee is less than the rate of beneficiaries. In another word, the rate of people paying for the program is less when the rate of retires people increases. Therefore, money will not come in fast enough to support the program. This is going to be a major problem when the Baby Boomer reaches their retire age. Social Security is becoming a major concern to Americans as elderly populations, especially baby-boomers, are approaching old age. The generation that will take its place in the workforce is far smaller in proportion to the number of retirees, raising fears about the sustainability of Social Security. As a result of this decrease in the population there will not be as many citizens to Social Security. By law, the Trustees of the Social Security Trust Fund are required to plan seventy-five years into the future to determine whether, according to the best demographic and economic forecasts available. Social Security will be able to obtain enough money through payroll taxes on current workers to continue to pay benefits to those in retirement. Payroll taxes on current workers will be able to bring in enough revenue to finance Social Security. However, if the forecasts indicate a...
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...Special Topic 2 The Economics of Social Security Critical Analysis Questions 1,3,4,5,6 Social Security is not based on the same principles as private insurance. Private insurance and pension programs invest the current payments of customers in buildings, farms, or other real assets. These real assets generate income that allows the insurance company to fulfill its future obligations to its customers. Social Security taxes current workers and uses the revenues to finance benefits for existing retirees. Social Security has been a good deal for present and past retirees, however, it is not a good deal for today’s middle aged and younger workers. Those who retired in the 196’s and 1970’s received real benefits of three or four times the amount that they paid into the system, which is way better than if they had invested the funds privately. Future retirees can expect to earn a real rate of return of about 2 percent more on their Social Security tax dollars, which is way less than what they would earn from personal investments. I believe today, we should be permitted to invest our Social Security tax dollars. Because of the shorter life expectancy of blacks, the Social Security system adversely affects their economic welfare. Compared with Whites and Hispanics, blacks are far more likely to pay a lifetime of payroll taxes and then die without receiving much in the way of benefits. On the other hand, Social Security is favorable to Hispanics because of their above average...
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