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ECON1001-Critical Thinking Paper-Detailed Instructions Structure of Critical Thinking Paper: Most critical thinking papers begin with a short summary of the work (thesis) and then dive in to the argument. Since most of these paper assignments are short, it is important to be concise in all parts of your analysis. Writing an outline (and following it) is crucial to remain focused on your argument and avoid summary or irrelevant description. Please use the following outline for your critical thinking paper: I. Introduction a. Identify the work being criticized. b. Present thesis- argument about the work. c. Preview your argument- what are the steps you will take to prove your argument? II. Short summary of the work a. Does not need to be comprehensive - present only what the reader needs to know to understand your argument. III. Your argument a. Your argument will likely involve a number of sub-arguments –mini-theses that help you prove your larger argument true. b. This should be the bulk of the paper – I want to read your argument/solution about the work, not a summary. IV. Conclusion/Summary a. Reflect on how you have proven your argument. b. Highlight the importance of your argument c. Note potential avenues for additional research or analysis Final Reminders •Please include a minimum of five (5) relevant resources from periodicals (magazines, newspapers, trade journals, interviews, etc.) and cite them in your Bibliography Page, using either parenthetical citation, and any footnotes/endnotes (Footnote Page) for any direct quotes from your relevant resource information. (Please use APA Format-Purdue Owl) •Double-check your assignment: Make sure you have covered all major points detailed in my instructions. Specific Information: Due Date: Your “Critical Thinking” paper is due to the appropriate “Critical Thinking” folder (i.e. Critical Thinking Paper # 1, and Critical Thinking Paper # 2) no later than 11:59 PM on Thursday, January 30, 2020. Papers submitted earlier, will be graded earlier. Cover Page/Heading: Please use the same format used in submitting homework assignments to the “Homework Folder”. Table of Contents: Please follow the outline above (I. Introduction , II. Short Summary, III. Your Argument, and IV. Conclusion. Page Numbers: Please use page numbers at the bottom of each page of your paper (Do not include page numbers on the “Cover Page”, “Table of Contents”, Bibliography, or Footnote pages). Paper Length: 4 to 6 pages (Excluding Cover Page, Table of Contents, Bibliography Page, Footnote Page, or any Exhibits/Tables). You may exceed the page parameter if necessary, but I am not looking for an extremely lengthy paper. Format: Paper is to be double-spaced using 12 point font and Times New Roman print. Critical Thinking Paper # 1 “The Social Security Dilemma” Background Information: The original Social Security Act, signed into law on August 14, 1935, grew out of the work of the Committee on Economic Security, a cabinet-level group appointed by President Franklin D. Roosevelt just one year earlier. The Act created several programs that, even today, form the basis for the government's role in providing income security, specifically, the old-age insurance, unemployment insurance, and Aid to Families with Dependent Children (AFDC) programs. The old-age program is, of course, the precursor to today's Old-Age, Survivors, and Disability Insurance, or Social Security, program. The program was primarily created by President Franklin D. Roosevelt to offer retired workers supplemental income during their retired years. It was never intended to be a stand-alone pension. Although the Great Depression was a catalyst for the creation of the Social Security program, the idea of social insurance predated the committee's work and the Depression. As early as the 1880s, Germany had built a social insurance program (one requiring contributions from workers) that provided for sickness, maternity, and old-age benefits. Specific Information: For 2018, an employee will pay: a. 6.2% Social Security tax on the first $128,400 of wages (maximum tax is $7,960.80 [6.2% of $128,400]), plus b. 1.45% Medicare tax on the first $200,000 of wages ($250,000 for joint returns; $125,000 for married taxpayers filing a separate return). The current Social Security 2018 brochure may be found at the following link: https://www.ssa.gov/pubs/EN-05-10024.pdf Other Important Information: The Social Security program will begin distributing more monies to retirees than it receives from current workers in the next few years. In order to save the program, government leaders will have three options: 1) Increase the Social Security tax to current workers, 2) Increase the retirement age for current workers, or 3) A combination of increasing the Social Security tax and increasing the retirement age for current workers. The options indicated above will hurt the current members of the workforce, especially younger people. Younger workers will receive less money in their retirement than the current retirees because much of the money is being paid out to current retirees who paid a lower Social Security tax, and who are living longer because of better healthcare today. Former President George W. Bush had proposed that we privatize Social Security (The Washington Examiner Aug 13, 2015--- https://www.washingtonexaminer.com/what-if-george-w-bushs-social-security-reforms-had-passed The idea would be that each employee would have control over their own account and could invest these monies themselves. The problem with this idea is that many investors do not know how to invest their monies and would likely make poor investing decisions which would affect the dollar value of their portfolios (i.e. similar to the mistakes which have been made in the contributory pension plans (i.e. 401k and 403b ) pension plans. Your Proposed Solution: Please thoroughly research the Social Security program. I ask that you determine any flaws with the existing program and to offer your solution to this major issue. This program will certainly affect younger workers who are currently contributing to this supplemental income program. Please offer detailed information as to how you would fix this program! Critical Thinking Paper # 2 “Wage Inequality by Gender, Race, Socioeconomic Status, and Social Status: How Will This Affect Our Future Economy?” Background Information: Wage inequality is a topic which has been researched by many people over the past several decades. There has been a wealth of demographic information that suggests that wage inequity has been growing in recent years despite government legislation (Equal Employment Opportunity Act and Affirmative Action) which were enacted to prevent such injustices. It would seem that our global economy could greatly benefit if we practiced egalitarian principles in our society. Perhaps, if all people were offered the same educational and employment opportunities regardless of gender, race, religious beliefs, sexual preferences, etc. , the world would experience greater economic growth with less poverty and crime. When faced with scarce global resources, it would make good economic sense to make the most of our labor resources. Employees who are treated fairly would be motivated to work harder and they would take pride in their successes. In addition, they would have an opportunity to improve their social status while helping their children as well. Specific Information: U.S. Equal Employment Opportunity Commission (EEOC) data may be found at the following link: https://www.eeoc.gov/eeoc/ In addition, information about the Affirmative Action Law may be found at the following link: http://www.ncsl.org/research/education/affirmative-action-overview.aspx Other Important Information: Here are some interesting articles which may shed some additional light on this serious global issue: 1) “The Impact of Equal Pay on Poverty and the Economy”-Link: https://iwpr.org/publications/impact-equal-pay-poverty-economy/ 2) “Key Findings on the Rise in Income Inequality Within America’s Racial and Ethnic Groups” -Link: http://www.pewresearch.org/fact-tank/2018/07/12/key-findings-on-the-rise-in-income-inequality-within-americas-racial-and-ethnic-groups/ 3) “Racial Inequalities in Wages, Income, and Wealth Show that MLK’s Work Remains Unfinished”-Link: https://www.epi.org/publication/racial-inequalities-in-wages-income-and-wealth-show-that-mlks-work-remains-unfinished/ 4) US Bureau of Labor Statistics—“Race, Economics, and Social Status”-Link: https://www.bls.gov/spotlight/2018/race-economics-and-social-status/pdf/race-economics-and-social-status.pdf There are several problems that stem from not treating people fairly. Inequality is a major issue that has been around for many generations, and it seems that this problem is not being resolved. It is extremely disturbing to hear that “the rich are getting richer, and the poor are getting even poorer”. Your Proposed Solution: Please thoroughly research the information about wage inequality. I ask that you determine any problems with the existing program, and to offer your solution to resolving this major issue. This program will certainly affect global economic growth if not addressed. Please offer your detailed information as to how you would resolve wage inequality in the world today.