Benefits Essay Example | Topics and Well Written Essays - 1500 words

Benefits - Essay ExampleThe revelation in the watercourse time is vital for policy makers as well as the baby boomers as if prepares them adequately before the financial challenges expected in their gold years (Dominguez, 2011). Primarily, the overseeing trustees have called upon the Congress to look into the issues and implement changes necessary to curtail future disruptive consequences. Although current scheduled financing is anticipated to be sustainable for the projected long-run program costs, disruptive consequences for taxpayers and beneficiaries fire be avoided entirely through legislative corrections. Motivated and testamenting leading should be charged with this jurisprudence which is critical considering the over 105 million beneficiaries of both Social Security and Medicare programs. Laws and Concepts Provision of government-mandated benefits through Medicare for the remote and Social Security for the general public derives its funding through budgetary allocation s. Deductions made on salaries of the use and income contributes greatly to the provisions of such benefits up to the amount allocated by the legislators in congress. Consequently, the report by Dominguez exposes the pitfalls fabrication in wait for the Medicare and Social Security programs. As such the report serves to hasten the speed at which Congress pushes for changes in the federal budget to raise the $14.3 trillion federal debt. Despite the push to receive the deficit target set for Aug 2, prepositions for privatization of Medicare have been sounded by the Republicans. This way, older Americans leave alone be offered a premium to purchase coverage from private insurers. That notwithstanding, the Democrats backing of an overhaul sought to extend the life of Medicare would still lease immediate action to allow for options and time to phase in changes that will adequately prepare the affect (Turner, 2010). Recommendations Considering the pitfalls plaguing the government-m andated benefits, planning is paramount in the subsectors of the business community. For instance, the perceived challenges resulting from the sagging economy and aging population will not only affect the future financing of benefits, but also various sectors of the business community. Of greater concern are the effects of mandated benefits which include paying lower wage for employed labor, having catered for their mandated benefits. As such, the employee will be motivated to work even at lower wages because mandated benefits are guaranteed for working (Weerapana, 2009). Additionally, leadership elected into key legislative roles should be vetted as willing and able to push for necessary laws and policies. Otherwise, leaders that are likely to undermine the pillars of health and financial security should not be entertained. Healthcare Programs thickset According the article Medicare, Medicaid, CLASS in crosshairs of Gang of Six deficit plan, Anderson (2011), points out the plan b y a group of senators to reduce the federal deficit that is feared might significantly cause cuts in government healthcare programs. The reductions, anticipated to occur over a 10 year period would require the Senate Finance charge to find a $500 billion in healthcare spending. The elimination of the Community Living