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EUROPEAN COMMISSION Brussels, 22.2.2017 SWD(2017) 91 final
EUROPEAN COMMISSION Brussels, 22.2.2017 SWD(2017) 91 final

... Regarding progress in reaching the national targets under the Europe 2020 strategy, developments in 2016 were generally positive. Even though the ambitious target will be difficult to meet, the employment rate increased in 2016. The poverty rate is low compared to the EU average but it doubled as a ...
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... percentage of the GDP. This trend changed direction from 2004-2007: In these years, the overall deficit fluctuated from 3.22% of the GDP in 2004 to a surplus of 0.27% of the GDP in 2007. As of 2010, relative stability can be observed in the overall deficit of the general government sector, which fl ...
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Chapter 8 - McGraw Hill Higher Education
Chapter 8 - McGraw Hill Higher Education

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Federal Deficits and the National Debt

... then some mix of changes must occur: (1) taxes will need to be increased dramatically; (2) other spending will need to be cut dramatically; (3) the retirement age and/or age receiving Medicare benets will need to increase, or (4) the federal government will need to run extremely large budget decit ...
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Pensions crisis

The pensions crisis is a predicted difficulty in paying for corporate, state, and federal pensions in the United States and Europe, due to a difference between pension obligations and the resources set aside to fund them. Shifting demographics are causing a lower ratio of workers per retiree; contributing factors include retirees living longer (increasing the relative number of retirees), and lower birth rates (decreasing the relative number of workers, especially relative to the Post-WW2 Baby Boom). There is significant debate regarding the magnitude and importance of the problem, as well as the solutions.For example, as of 2008, the estimates for the underfunding of U.S. states' pension programs range from $1 trillion using the discount rate of 8% to $3.23 trillion using U.S. Treasury bond yields as the discount rate. The present value of unfunded obligations under Social Security as of August 2010 was approximately $5.4 trillion. In other words, this amount would have to be set aside today such that the principal and interest would cover the program's shortfall between tax revenues and payouts over the next 75 years.Some economists question the concept of funding, and, therefore underfunding. Storing funds by governments, in the form of fiat currencies, is the functional equivalent of storing a collection of their own IOUs. They will be equally inflationary to newly written ones when they do come to be used.Reform ideas are in three primary categories: a) Addressing the worker-retiree ratio, via raising the retirement age, employment policy and immigration policy; b) Reducing obligations via shifting from defined benefit to defined contribution pension types and reducing future payment amounts (by, for example, adjusting the formula that determines the level of benefits); and c) Increasing resources to fund pensions via increasing contribution rates and raising taxes.
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