ECONOMICS REPORT - Social Security, Part 2

ECONOMICS REPORT - Social Security, Part 2
By Mario Ritter

Broadcast: Friday, February 04, 2005

I'm Gwen Outen with the VOA Special English Economics Report.

One out of six Americans receive money from the Social Security system. Monthly payments go to retired¹ workers and disabled people and to their survivors². Two-thirds of Americans age sixty-five and older depend on Social Security for at least half the money they get.

The system is financed mostly by a twelve-point-four percent wage tax shared by workers and employers. This year, close to fifty million people will receive more than five hundred thousand million dollars in benefits.

But, in his State of the Union speech Wednesday night, President Bush said: "With each passing year, fewer workers are paying ever-higher benefits to an ever-larger number of retirees." Thirteen years from now, he said, Social Security will be paying out more than it takes in. In his words: "We must pass reforms that solve the financial problems of Social Security once and for all."

His proposals face resistance, not only from opposition³ Democrats⁴ but also some Republicans. It is often said that politicians risk political death if they touch Social Security. Experts say any changes will probably reduce future benefits. Yet no one can even know what the population will be like years from now.

The president said the system will not change for Americans now age fifty-five or older. But he warned younger workers that Social Security would be out of money by two thousand forty-two. As he said that, Democrats in Congress shouted "no, no, no." Mister Bush said the only solutions would be higher taxes, new borrowing or "sudden and severe cuts."

He said the best way to make the system better for younger workers is through voluntary personal retirement⁵ accounts. He said the plan would permit workers to set aside four percentage points of the money they pay in Social Security taxes.

The money would be invested in what he called a "conservative mix of bonds and stock funds." He said there would be ways to protect investments from sudden changes in the market before a person is about to retire.

But Democrats say younger workers could lose much of their retirement savings⁶.

A powerful group for older Americans, A.A.R.P., says it opposes any major changes. It says public opinion studies show that most Americans want Social Security to remain as it is.

Internet users can learn more about Social Security at voaspecialenglish dot com.

This VOA Special English Economics Report was written by Mario Ritter. I'm Gwen Outen.

1 retired   

adj.隐退的，退休的，退役的

参考例句：

• The old man retired to the country for rest.这位老人下乡休息去了。
• Many retired people take up gardening as a hobby.许多退休的人都以从事园艺为嗜好。

2 survivors   

幸存者，残存者，生还者( survivor的名词复数 )

参考例句：

• The survivors were adrift in a lifeboat for six days. 幸存者在救生艇上漂流了六天。
• survivors clinging to a raft 紧紧抓住救生筏的幸存者

3 opposition   

n.反对，敌对

参考例句：

• The party leader is facing opposition in his own backyard.该党领袖在自己的党內遇到了反对。
• The police tried to break down the prisoner's opposition.警察设法制住了那个囚犯的反抗。

4 democrats   

n.民主主义者，民主人士( democrat的名词复数 )

参考例句：

• The Democrats held a pep rally on Capitol Hill yesterday. 民主党昨天在国会山召开了竞选誓师大会。
• The democrats organize a filibuster in the senate. 民主党党员组织了阻挠议事。 来自《简明英汉词典》

5 retirement   

n.退休，退职

参考例句：

• She wanted to enjoy her retirement without being beset by financial worries.她想享受退休生活而不必为金钱担忧。
• I have to put everything away for my retirement.我必须把一切都积蓄起来以便退休后用。

6 savings   

n.存款，储蓄

参考例句：

• I can't afford the vacation,for it would eat up my savings.我度不起假，那样会把我的积蓄用光的。
• By this time he had used up all his savings.到这时，他的存款已全部用完。