Question

Thompson argues that the age increase from 65 to 67 in the Social Security program will cause more benefits to fall below minimally adequate levels of support. What is the primary concern associated with this change?

a) Increased Fiscal Responsibility
b) Enhanced Social Security Benefits
c) Reduced Financial Burden on the Government
d) Negative Impact on Adequacy of Support

Answer 1

Thompson's primary concern with the Social Security age increase is the potential negative impact on the adequacy of financial support for retirees.

Step-by-step explanation:

The primary concern associated with the increase in the retirement age from 65 to 67 in the Social Security program, as argued by Thompson, is the negative impact on the adequacy of support for retirees. This decision is taken to ensure the sustainability of the program amidst demographic shifts that see a larger portion of the population reaching retirement age and the concern that payroll taxes will fall short of covering projected expenses. With many retirees reliant on Social Security for a significant portion of their income, an increase in the retirement age could mean that for some, the financial support received is delayed, potentially diminishing their ability to meet basic expenses and increasing the risk of poverty.