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Article: Social Security, and the U.S. Federal Budget
- Article from:
- Encyclopedia of Aging
- Author:
CopyrightCOPYRIGHT 2002 The Gale Group Inc. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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SOCIAL SECURITY, AND THE U.S. FEDERAL BUDGET
The Social Security Old-Age, Survivors and Disability Insurance (OASDI) programs play an important role on both the individual level and in the overall United States economy. The most visible influence of the programs is as a source of inco
me when workers retire, or in instances of death or disability. Less visible, but equally
important, are its effects on the national economy. Social Security affects economic output primarily through its influence on individuals
’
decisions on how much to work, when to retire, and how much to save. As the largest function in government, based on expenditures, Social Security also contributes to ...