Summarize how social insurance is used to fund public …
This paper looks at the benefits and drawbacks of government social insurance
programs. Social insurance programs are government-sponsored, meaning the
government picks up the bill to fund the program (employees, electric expenses, supplies,
etc.) that makes the program run. An example of this would be the Medicaid / Medicare
programs. One pays for medical visits (i.e. drugs, doctor visits) and the other pays for
medical supplies (such as wheelchairs and other medical items you might find around the
house). According to Balls (n.d.) with the National Bureau of Economic Research
(NBER), “Social insurance programs have a more pronounced impact on labor supply
decisions than do changes in wages and taxes …” (.) As a result, the
advantages and disadvantages of running such a program need to be carefully considered
– especially as it relates to the cost-benefit of a program.
Let’s take unemployment insurance. This program is outstanding because if you lose
your job (through no fault of your own) you will be paid to be, well, out of a job. For
honest job seekers, this money can keep them from becoming homeless while they look
for work. For dishonest folks however, they “ride” the whole time on unemployment,
rarely looking for work because the government is paying them to NOT work. Those who
figure out how to get onto welfare (permanent unemployment) may even stay
unemployed for life – existing at courtesy of the taxpayers.
Workers compensation, like unemployment insurance, can also be abused. Get injured
on the job and you will be covered medically through your government sponsored
program and your employer. Those who are honest will get back to work quickly. Those
who are not will literally eat away the pocketbook to avoid working.
In conclusion, the red-tape that surrounds government social programs makes it very
difficult to track fraud or financial management (even if no fraud is involved – just
careless spending). Getting approval to join a government-funded social program (such as
for food stamps, welfare, etc.) is usually embraced by tight rules and regulations – some
which may not appear socially fair or equal towards everyone. And finally, funding for
social programs is at an all time low (the government is running out of money), while the
need for the programs is at an all time high (due to our sagging economy).
References
Balls, Andrew. (n.d.). Social Insurance Programs Have Large Labor Supply Effect.
Retrieved January 28, 2009,
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