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Unemployment And Social Security Insurance Essay

3082 words - 13 pages

Student Name
The initial idea of this was to look at how Social Security and Unemployment Insurance work and explain that. The initial hypothesis was that government insurance programs work as a result of the United States Government forcing citizens to pay into these systems threw taxation. To do start this project I began by reading in the text book used in Macroeconomics at Virginia Statue University and the text book used in all Richard Bland College’s Economics courses.
The Initial Hypothesis was based off experience in working and paying into Social Security and speaking with employers on what they pay into these programs on there employees ...view middle of the document...

The idea of depending on Government rather than the private sector is the goal of Socialism not of free markets. This is either a good or bad thing based on an individual’s point of view. In the opinion of the writer an individual’s productivity is an extremely important determination in his or her self worth. Whether one works in the home taking care of children or working in the corporate world is not consequential but receiving something for nothing is detrimental for one’s self worth.
Literary Review The Road to Serfdom
The book that was the most influential in explaining Communism, Socialism and Fascism was The Road to Serfdom by F.A. Hayek. The book was an interesting read while it was first published in 1944 its message reads the same today. The main pretense of The Road to Serfdom is that the more a government promises its citizens it will do for its citizens the more it must take from its citizens and in turn the more involved the Government will become in one’s life.
The primary examples used in The Road to Serfdom are the tyrannical nations of World War Two. Hayek draws the unmistakable parallels between Communism, Socialism and Fascism. Something that is commonly confused he also explains what each is. Fascism is a system of government in which businesses retain control of their assets but the stat has control over the items produced and in what volume, also fascist nations are designed to glorify the state primarily through the nation’s military and conquest and or subjugation of less powerful nations. A socialist nation is similar in that business are allowed to be owned by some people but they are highly regulated and taxed the state demonstrates is power threw providing for its citizenry. True communism has never been attempted it is a system in which there is no government instead everything is run by labor unions and there is no conflict between nations and no true nation.
Hayek draws the parallel how each time a nation has attempted any form of government in which it provides for its citizenry it becomes hungry for more power. With the hunger for power the state becomes increasingly intrusive in the lives of its citizenry and in turn tyrannical. He uses the historical examples to argue that any time a government attempts to do more good for its citizens by its nature it will have unintended consequences and those consequences are truly dangerous to the freedom of the citizens.
Literary Review Macroeconomics
The text book Macroeconomics by N. Gregory Mankiw was primarily used to find figures of unemployment rates and some data on Social Security. The chapter on Unemployment was used most extensively. It laid out some general point on what unemployment is, it causes and the different types of unemployment.
According to Mankiw unemployment is a wasted resource and is in turn is an indicator of inefficiency in the market. Mankiw does acknowledge that some unemployment is unavoidable because of job separations and...

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