The Social Security program
A)is funded by a tax on wealth
B)is experiencing a Trust Fund deficit that beginning in 2001
C)consists of a pension program and a program that provides hospital care for the elderly
D)was designed to allow workers to retire at age 55
E)is running a Trust Fund deficit that is funded by borrowing from the U.S.Treasury

Question

Quizplus · Accepted Answer

The Social Security program consists of two main components: the pension program (providing retirement benefits) and the Medicare program (providing hospital care for the elderly). Option A is incorrect because Social Security is funded by a tax on wages, not wealth. Option B is partially correct as there is a trust fund deficit, but it began in 2010, not 2001. Option D is incorrect as the retirement age for full benefits is currently 66-67 years old, depending on the year of birth. Option E is partially correct as there is a trust fund deficit, but it is not funded by borrowing from the U.S Treasury.

The Social Security Program