Social Security Program

a. (3 points) Explain why does the government directly provide social security program to citizens rather than mandating individuals to purchase insurance from the private market (like the health insurance in the US)?

b. (3 points) To address the potential financial stress of the social security program, one proposal is to postpone the retirement age of workers. Explain the rationale behind this proposal. Are there other potential solutions?

c. (2 points) Discuss one potential effects of social security on our behavior, based on how we would support ourselves (and save for retirement) when there is no social security system.