In the United States, Social Security is the commonly used term for the federal Old-Age, Survivors, and Disability Insurance (OASDI) program and is administered by the Social Security Administration (SSA).[1] The Social Security Act was passed in 1935,[2] and the existing version of the Act, as amended,[3] encompasses several social welfare and social insurance programs.

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A look at the Social Security funding gap and ways to fix it
PBS NewsHour (09:06)

https://www.youtube.com/watch?v=7N2Kh8qZ_Ao

Seventy million Americans receive Social Security benefits. But the program is paying out more than it’s taking in. Economics Correspondent Paul Solman looks at whether or not that financing gap spells doom and what can be done.

OnAir Post: Social Security

Regulations

In the law of the United States, the Code of Federal Regulations (CFR) is the codification of the general and permanent regulations promulgated by the executive departments and agencies of the federal government of the United States. The CFR is divided into 50 titles that represent broad areas subject to federal regulation.

In the ‘About’ section of this post is an overview of the issues or challenges, potential solutions, and web links. Other sections have information on relevant legislation, committees, agencies, programs in addition to information on the judiciary, nonpartisan & partisan organizations, and a wikipedia entry.
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The far-reaching implications of the Supreme Court's decision curbing regulatory power
PBS NewsHour – 28/06/2024 (06:31)

https://www.youtube.com/watch?v=OlYKAEq3iiM

The Supreme Court has swept aside long standing legal precedent in its ruling overturning the Chevron doctrine, majorly curtailing the power of federal agencies to interpret the laws they regulate. The decision is expected to have far-reaching implications on everything from the environment to healthcare. Geoff Bennett took a closer look with Andrew Mergen.

OnAir Post: Regulations

Deficit & Debt

The national debt of the United States is the total national debt owed by the federal government of the United States to Treasury security holders. The national debt at any point in time is the face value of the then-outstanding Treasury securities that have been issued by the Treasury and other federal agencies. The terms “national deficit” and “national surplus” usually refer to the federal government budget balance from year to year, not the cumulative amount of debt. In a deficit year the national debt increases as the government needs to borrow funds to finance the deficit, while in a surplus year the debt decreases as more money is received than spent, enabling the government to reduce the debt by buying back some Treasury securities.

In the ‘About’ section of this post is an overview of the issues or challenges, potential solutions, and web links. Other sections have information on relevant legislation, committees, agencies, programs in addition to information on the judiciary, nonpartisan & partisan organizations, and a wikipedia entry.
bTo participate in ongoing forums, ask the post’s curators questions, and make suggestions, scroll to the ‘Discuss’ section at the bottom of each post or select the “comment” icon.

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How the U.S. national debt reached $31.4 trillion
23/05/2023 (05:43)

https://www.youtube.com/watch?v=WaXSRhOBV9Y

If you stacked up the full debt of the United States in hundred dollar bills, you could make not one, not two, but 13 piles of cash as tall as the Washington Monument. Lisa Desjardins takes a look at what the nation owes and has the latest on the debt ceiling negotiations on Capitol Hill.

OnAir Post: Deficit & Debt

Summary

Capitalism and socialism are two distinct economic and political philosophies that represent differing approaches to how societies should organize their economies and distribute resources.

OnAir Post: Capitalism & Socialism

About

Source: Gemini AI Overview

Capitalism

Core Principle
Capitalism emphasizes private ownership of the means of production (e.g., factories, land, resources) and their use to generate profit.
Key Features
- Private Property
  Individuals and private businesses own and control assets.
- Free Market
  Prices and production are determined by the forces of supply and demand with limited government intervention.
- Profit Motive
  Individuals and companies are driven by self-interest and the desire to maximize profit.
- Competition
  Businesses compete to offer better products and services at lower prices, fostering innovation and potentially benefiting consumers.
Criticisms
Critics argue that capitalism can lead to:
- Economic Inequality
  Wealth tends to concentrate among a small percentage of the population.
- Exploitation of Workers
  Wages may be kept low, and workers may be seen as exploited to maximize profits.
- Market Failures
  The pursuit of profit can sometimes overlook social or environmental consequences.

Socialism

Core Principle
Socialism advocates for collective or governmental ownership and control of the means of production and distribution of goods.
Key Features
- Social Ownership
  Resources are owned or controlled by society as a whole (e.g., through the state, cooperatives, or public institutions).
- Central Planning (in some forms)
  Government or other central authorities may determine what to produce and how to allocate resources.
- Social Welfare
  Socialism often aims to provide basic necessities and social services like healthcare and education to all citizens.
- Reduced Inequality
  Focus on reducing wealth disparities and creating a more equitable society.
Criticisms
- Lack of Incentives
  Reduced competition and profit motives may stifle innovation and individual initiative.
- Inefficiency
  Central planning can be less efficient than market forces in allocating resources.
- Potential for Authoritarianism
  Some fear that state control over the economy could lead to a loss of individual liberties.

Mixed economies

It’s important to note that very few countries operate under purely capitalist or socialist principles today. Most economies are “mixed economies” which incorporate elements of both systems. For example, the United States, while predominantly capitalist, has a degree of government intervention in the economy, including regulations and social programs. Similarly, countries like China, while officially socialist, have integrated elements of free markets to foster economic growth.

Challenges

Initial Source for content: Gemini AI Overview 7/28/25

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Challenges associated with capitalism

Inequality
Capitalism’s focus on wealth creation can exacerbate disparities in income and wealth, according to the Hoover Institution. Critics contend that this leads to an unfair distribution of resources and limited opportunities for certain segments of the population.
Economic instability
Capitalist economies are susceptible to boom-and-bust cycles, characterized by periods of rapid growth followed by recessions or depressions. These cycles can cause financial losses and unemployment.
Market failures
Market imperfections, such as externalities (like pollution) and the under-provision of public goods (like education or infrastructure), can occur in capitalist systems. These failures can lead to inefficient allocation of resources and negative societal impacts.
Exploitation of workers
The pursuit of profit in capitalism can lead to practices that exploit workers, such as low wages and poor working conditions.
Environmental degradation
The emphasis on economic growth and profit can incentivize the exploitation of natural resources and environmentally damaging practices, says the Property and Environment Research Center.

Challenges associated with socialism

Economic inefficiency
Critics argue that centralized planning and the absence of a profit motive in socialist economies can lead to resource misallocation and inefficiencies compared to market-driven economies.
Lack of innovation
The absence of strong competition and incentives for risk-taking and innovation can hinder technological advancements and economic dynamism in socialist systems, according to the American Enterprise Institute.
Bureaucratic rigidity
The extensive role of the state in socialist economies can result in bureaucratic hurdles and inflexibility, potentially hindering adaptation to changing market conditions and stifling entrepreneurship.
Limited individual freedom
Critics contend that centralized planning and government control in socialist systems can lead to restrictions on individual choices and economic freedom.
Challenges in providing social safety nets
The transition from planned economies to market-oriented systems presents challenges in maintaining and adapting social safety nets, such as pensions and unemployment benefits. Defining and implementing effective and sustainable safety nets can be difficult, as highlighted by discussions around Universal Basic Income programs.

Innovations

Capitalism and Socialism, as economic systems, each face inherent challenges and are the subject of ongoing research and innovation to find solutions.

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1. Addressing inequality

Universal Basic Income (UBI)
Research explores the potential of UBI, a regular cash payment to all citizens regardless of their income or work status, to reduce poverty and inequality. Some view it as a capitalist tool, while others see it as a step towards socialism.
Social Enterprises
These businesses aim to address social problems, such as poverty and inequality, while operating in a market economy. They can create jobs, empower marginalized communities, and foster local development.
Cooperative Models
Worker cooperatives, where employees own and manage the business, can be seen as a way to increase worker power and distribute wealth more broadly, embodying elements of both capitalism and socialism.

2. Bridging healthcare divides

Health System Reforms
Research examines different models for delivering healthcare, including those that combine public and private elements, aiming to balance universal access with efficient delivery.
Targeted Support Programs
Initiatives like the Social Health Bridge-Building Programme focus on addressing socio-economic disparities in healthcare access and outcomes by providing tailored support to vulnerable individuals.

3. Sustainable economic models

Eco-socialism
This approach argues that a socialist economic system, operating within ecological limits, is necessary to combat climate change, according to Richard Smith.
Green Capitalism
This approach uses market mechanisms to drive innovation and investment in sustainable technologies and practices to mitigate climate change.
Sustainable Well-Being Economy (SWBE)
This proposed paradigm integrates principles of resource-based economies, cooperative economics, democratic socialism, sustainability, and well-being to create a more just and environmentally sound economic system.

4. Technology and innovation

Responsible Innovation
Research investigates how to leverage technological progress, including automation and AI, to improve productivity and address societal needs without exacerbating inequality or job insecurity.
Democratic Control of Technology
Some propose greater democratic control over technological development and its application to ensure innovations serve public interests rather than solely private profits.

Projects

Initial Source for content: Gemini AI Overview 7/28/25

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Addressing challenges in capitalism

Inequality
- Progressive taxation
  Redistributing wealth through higher taxes on high earners and inheritors is seen as a way to mitigate wealth concentration.
- Social Safety Nets
  Implementing strong social safety nets like unemployment insurance and healthcare programs helps protect vulnerable populations from economic downturns and shocks.
- Stakeholder Focus
  Shifting from a singular focus on shareholder profits to a broader stakeholder approach in business decision-making is being explored as a way to address social and environmental concerns alongside economic goals.
Environmental Impact
- Green Capitalism
  This approach seeks to utilize market mechanisms to drive solutions for climate change and other environmental issues, promoting innovation in green technologies and sustainable practices.
- Regulation & Enforcement
  Establishing effective regulatory frameworks to mitigate pollution and ecological damage caused by capitalist activities is crucial.
- Circular Economy Models
  These models aim to reduce waste and maximize resource utilization, shifting away from a linear “take-make-dispose” approach.
Ethical Concerns
- Social Enterprises
  Businesses with a primary focus on social and environmental impact alongside financial returns are becoming increasingly prominent, attracting investment and policy support.
- Corporate Social Responsibility (CSR)
  While some studies suggest CSR programs can be limited by profit-driven logic, others highlight their potential to address ethical considerations, though their effectiveness remains debated.
Future Focus
- Long-Term Orientation
  Calls for shifting American capitalism’s focus towards long-term investment, innovation, and social well-being over short-term gains are gaining traction.
- Technological Reimagining
  The increasing impact of technologies like AI and automation necessitate a reevaluation of the social contract and potentially new economic models to ensure equitable benefits and address potential job displacement, according to a Wiley Online Library publication.

Addressing challenges in socialism

Efficiency and Innovation
- Balancing Public and Private Sector Roles
  Exploring models that blend elements of planned economies with market mechanisms to foster both efficiency and innovation.
- Addressing Innovation Disincentives
  Research indicates that while capitalist systems incentivize innovation through mechanisms like patents, these also restrict the rapid diffusion of new technologies, according to the American Economic Association. Socialist models might explore alternative systems to encourage innovation and accelerate its wider availability.
Democratic Participation
- Decentralized Decision-making
  Efforts are being made to explore ways to democratize economic decision-making processes within socialist frameworks, empowering citizens to participate in crucial economic choices like investment and resource allocation.
Adaptation to Global Economy
- Developing Resilience
  Building socialist economies that can withstand global competition and adapt to evolving international trade and finance environments is a key challenge.

Overarching themes

Technological Advancements
AI, automation, and other emerging technologies significantly influence the future direction of both capitalism and socialism, raising questions about labor, wealth distribution, and the nature of work.
Shifting Social Contracts
The traditional relationships between the state, capital, and labor are evolving, requiring adjustments to address new realities created by technological and economic changes, notes the Wiley Online Library.
Sustainability and Inclusivity
Both systems are grappling with the need to achieve sustainable growth while ensuring equitable outcomes for all members of society.