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1) What do economists mean when they say Social Security and Medicare are pay-as-you-go plans? Please explain. 2) What are the Social Security and Medicare

1) What do economists mean when they say Social Security and Medicare are "pay-as-you-go" plans? Please explain.

2) What are the Social Security and Medicare trust funds, and how long will they have money left in them? Please explain.

3) What is the key long-run problem of both Social Security and Medicare? Please explain.

4) Do you favor increasing taxes or do you prefer reducing benefits to fix the problem? Please explain. Are there other options/opportunities available? How would they work?

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