Social Security is referred to as a “pay-as-you-go” financing method. Describe how this approach works. Also discuss the redistributive effects inherent in a “pay-as-you-go” system. Contrast Medicaid...

Social Security is referred to as a “pay-as-you-go” financing method. Describe how this approach works. Also discuss the redistributive effects inherent in a “pay-as-you-go” system.

Contrast Medicaid and Medicare in terms of their intended beneficiaries, the basis of each program’s political support, and each program’s method of financing.