ECON 200 Lecture Notes - Lecture 29: Social Security Trust Fund, Baby Boomers, Ida May Fuller

• School: University of Arizona
• Department: Economics
• Course: ECON 200
• Professor: G. Mateer

Document Summary

Economic freedom and quality of life: gdp = f (capital, technology, institutions, nogales, az, nogales, mx, trend in the lifetime distribution of discretionary time. Fiscal policy: the long run is misleading guide to current affairs. In the long run we are all dead: c + i + g + nx. Insurance (49%: social security = 24, medicare = 17, medicaid = 8% Ff: defense and nondefense discretionary = 33, other = 10, net interest = 6% Social security: required workers to contribute a portion of their earnings to the social security trust fund, goal, guarantee that no american worker retires without at least some retirement income. Medicare/medicaid: medicare is a federal government program that funds health care for retirees, medicaid funds health care for those without jobs, goal, ensure that all retired workers have some funding for their health care. Ida may fuller: received check 00-000-001 in january 1940. **every global region has both rich nations and poor ones.