Human Resource Management Process and Functions

US Social Security vs. Canadian Social Security

US Social Security vs. Canadian Social Security Introduction The increasing challenge posed by an increase in the elderly population creates the need to deploy social security services. Demographic patterns on the provision of social services are estimated to increase drastically in the future.Advertising We will write a custom research paper sample on US Social Security vs. Canadian Social Security specifically for you for only $16.05 $11/page Learn More In the United States, the notable demographic trends that are likely to impose significant pressures on social security includes the anticipated retirement of the baby boomers cohort, a reduction in the fertility rates and increases in life expectancy are estimated to pose a large increase in the old-age dependency ratio (Feldstein Liebman, 2002). The main purpose of this paper is to compare and contrast the United States with the Canadian social security system. The paper provides an overview of the United States and Canadian social security system, af ter which the paper discusses the objective similarities and differences between the two systems. In addition the paper also provides a subjective analysis that is based on the current evaluation of the United States social security system against the Canadian system. Basing on the research, the paper provides recommendations for improving the United States social security system. Introduction to the United States Social Security system In the US, social security mainly involves the Old-Age, Survivors and Disability Insurance (OASDI) scheme that is administered by the federal government. Social Security in the United States was first adopted during 1935; subsequent amendments have resulted to the inclusion of social welfare and social insurance. Major components of the United States social security also include the Supplemental Security Income, various unemployment benefits, offering aid to the needy families, grants issued to the states by the federal government for the purposes of Medical Assistance Programs (Medicaid), Health Insurance for the Aged and Disabled (Medicare) and the Patient Protection and Affordable Care Act (Giles, 2005). Social security in the United States is mainly financed using dedicated payroll taxes that are referred to as the Federal Insurance Contributions Act tax. Social security in the United States is largely concerned with the benefits associated with retirement, unemployment, cases of disability, death and survivorship (Hyman, 2010).Advertising Looking for research paper on public administration? Let's see if we can help you! Get your first paper with 15% OFF Learn More Social Security in the United States is considered as the largest government program in the globe that takes a significant portion of the federal budget. In addition, social security is the biggest social insurance program in the United States. It is estimated that social security in the United States has helped to keep 40 percent of peopl e aged over 65 years out of poverty. Introduction to Canadian social security Canadian social security comprises of approximately 2.3 percent of the Gross Domestic product, the Pay-as-you-go component Canadian social security is relatively small compared to the United States. Old Age Security (OAS) program is one of the core elements of elderly income transfers in Canada. The Guaranteed Income Supplement is used to increase the income levels for aged individuals in Canada. Another important element of Canadian social security is the Canadian Pension Plan and the Quebec Pension plan, which are mainly funded by the joint monetary contributions from employers and employees. Canadians contribute 4.95 percent tax on their income from USD 3500 to USD 41000 (Orszag Diamond, 2005). Social security in Canada mainly involves the government programs that are adopted with the main objective of offering assistance to its citizens and covers diverse programs that are mostly run by the provinces. In Canada, the social safety net is mainly concerned with the transfer payments that are directed at low income citizens only. It does not incorporate expenditures associated with healthcare services and education (Weisbrot Baker, 2001). Similarities between the United States and Canadian security services In the US, social security denotes the funds that the individuals pay during their working life, which mainly comprises of the retirement benefits during old age. This is a similar approach under the Canadian social security that is implemented using the Canadian Pension Plan. In the United States, employees contribute 5.65 percent of their earnings towards their social security and Medicare, which is used for offering medical insurance for aged and retired people.Advertising We will write a custom research paper sample on US Social Security vs. Canadian Social Security specifically for you for only $16.05 $11/page Learn More The social security premium s in the US are capped at earnings of USD 106,800 while there is no capping of the premiums for Medicare (Hyman, 2010). Canadians contribute 4.95 percent of their total earnings towards the CPP. Socialized healthcare plan in Canada are somewhat similar to the Medicare program in the context of the United States (Orszag Diamond, 2005). Another similarity between the United States and Canadian social security systems is that they both make use of the pay-as-you-go scheme, although the United States system is relatively high compared to the Canadian system. Bo the social security systems can be considered to a hybrid between the PAYGO plan and a fully financed program (Hyman, 2010). Differences between the United States and Canadian social security system A notable difference between the two systems is the scope of coverage of social security. In this context, the Canadian social security system does not have provisions for education and healthcare expenditure, which are provided in t he social security system in the United States (Giles, 2005). The second difference between the two systems is that the United States expenditures on social security are relatively higher compared to the Canadian expenditure on social security. For instance, the Old Age and Survivors comprise of 6 percent of the United States GDP, compared to Canada that allocate 4.2 percent of its GDP. In addition, Canada spends relatively twice as much as the amount that the United States spends on unemployment benefits (Hyman, 2010). Another difference between the two systems is that the CPP is a reserve fund that is invested in the market; this is contrary to the social security funds that are invested in government securities and bonds. Investing the CPP in the market resulted to 5 percent marginal difference between the returns in the United States and Canada. Evaluation of current US system against the Canadian system It is arguably evident that Canadian social security has a better establish ment compared to the United States social security system. There is a potential that the Canada Pension Plan fund will grow since it is invested in the market, making significant contributions towards its future sustainability compared to the United States social security funds that are invested in government bonds. Another reason that contributes to the effectiveness of the Canadian pension Plan when compared with the US social security system is that the benefits of the CPP are relatively lower compared to the benefits of the United States social security. The generosity of the United States social security questions its sustainability in meeting the future demands posed by the aging population (Weisbrot Baker, 2001).Advertising Looking for research paper on public administration? Let's see if we can help you! Get your first paper with 15% OFF Learn More Recommendations to improve the United States social security system Improving the efficiency of the United States social security requires the reinforcement of insurance and financing. With regard to insurance, it is important to maintain an appropriate balance in terms of social and individual responsibility. With regard to financing, establishing a suitable balance between pre-retirement funding and the use of the common PAYGO method will serve to address the potential challenges imposed by the demographic trends in the United States. References Feldstein, M., Liebman, J. (2002). The Distributional Aspects of Social Security and Social Security Reform. Chicago: University of Chicago Press. Giles, C. (2005). US social security is among least generous. Web. Hyman, D. (2010). Public Finance: A Contemporary Application of Theory to Policy. New York: Cengage Learning. Orszag, P., Diamond, P. (2005). Saving Social Security-A Balanced Approach. Washington DC: Brookings Institution Pres s. Weisbrot, M., Baker, D. (2001). Social Security: The Phony Crisis. Chicago: University of Chicago Press.

Role of Financialization in the Financial Crisis Assignment

Role of Financialization in the Financial Crisis - Assignment Example The severe turbulence that followed the financial crisis of 2007-2010 has raised concerns regarding the level at which the global financial system is ready to face critical failures. Moreover, the question of whether the financialization process, which has been promoted worldwide more than a decade, has been related to the above crisis has not been avoided. In fact, there are many indications that the specific process had a major role in the financial crisis of 2007-2010. Its potential involvement in a new crisis of such kind cannot be rejected. The current paper examines the role of the financialization process in the banking crisis of 2007-2010. Moreover, the potential relationship of the pursuit of shareholder value and the ‘new economy boom’ with the process of financialization is also explored. The examination of the literature published on the specific field has led to the assumption that the relationship between the above-mentioned events and frameworks is strong. At the next level, another issue is also discussed: the level at which investor behavior can influence corporate strategy and performance. It is proved that the involvement of shareholder value in corporate strategy and performance can be significantly influencing the corporate decisions on critical issues, as for example the strategies that the firm will follow for facing the expansion of financialization, as a global economic trend. Financialization, as a sociological and economic trend, is not a recent phenomenon. In fact, in accordance with Orhangazi (2008), three phases can be identified in the development of financialization: the first one represents the pre-1980 period during which financialization was based on a ‘long waves approach’ (Arrighi 1994 in Orhangazi 2008, p.41). In the years that followed in 1980, the financialization was related to the concept of neoliberalism (Orhangazi 2008). Recently, financialization has been related to the global financial mark ets (Orhangazi 2008). The view of Lucarelli (2011) that â€Å"financialization is related to the capitalism’ (Lucarelli, 2011, p.111) seems to be the most effective description of financialization, as a trend influencing the performance of the global financial system. On the other hand, Krippner (2011) refers to financialization as the ‘growing importance of financial activities as a source of profits in the economy’ (Krippner 2011, p.27). 2.2 The relationship between financialization, the banking crisis, the pursuit of shareholder value and the ‘new economy’ boom. As noted above, the financialization focused on the use of financial activities as the main source of profit. At the next level, financialization is an economic trend accepted and promoted globally, which means that it can affect the global financial system. The role of the financialization in the structure and the development of financial transactions worldwide has been revealed through the banking crisis of 2007-2010 (Foster, 2007). It was because of that crisis that the role of financialization for financial systems internationally has been set under consideration (United Nations, 2009). Financialization should be considered as a key cause of the appearance and the expansion of the 2007-2010 crisis, because of the following reasons: a) in the context of financialization the accumulation of profit worldwide has been related to financial activities; the exchange of money in its various forms has become a key method for achieving profit. In this way, the traditional method for gaining money, the work as physical activity has lost its value.

Case Study Problem Assignment Example | Topics and Well Written Essays - 2000 words

Case Study Problem - Assignment Example Put differently, business relations are governed by a set of legally binding rules and regulations that seek to ensure that all parties involved operate within the confines of the legal provisions. To a great extent, this has helped in maintaining sanity, ethics and morality within this sphere of specification. It is against this background that this paper provides an in depth review of the Faye’s case study. To enhance coherence and objectivity, this is done in light of the legal issues that arise from the case study. The type of law that the case study relates to is the law of contract. It is widely agreed that the law of contracts is at the center stage of most business dealings. Essentially, a contract refers to an agreement that is characterized by distinct terms between either two or more individuals or two or more entities. In this, one party promises to undertake a certain task for another party in return for a certain valuable benefit that is legally referred to as co nsideration (Atiyah, 1979, p. 67). For a contract to have a legal standing, there are certain factual elements that it has to contain. These include; an offer, the acceptance of the respective offer that culminates in meeting of the involved minds, a definite promise by the accepting party to perform the respective task, an invaluable consideration, an event or time that allows the particular parties to meet their commitments, performance of the respective task and the terms as well as conditions that govern the respective performance. There are different types of contracts that are suitable for particular scenarios. One type of contract that is apparent in the case under review includes the publishing contract. In this respect, there is a contract between Faye, who is the writer and Merrymac & Co., the publisher. Faye requires Merrymac & Co. to publish a book for her. Another type of contract from the case scenario pertains to the author of the book contract. According to Barnett ( 2003, p. 72), this is offered by the publisher in instances where the writer or client is the author of the book as opposed to being the illustrator or artist. Relative conditions in this regard would refer to Faye as the actual author of the entire book, inclusive of the illustrations presented therein. As aforementioned, an offer is one of the critical and factual elements of a contract. From a legal point of view, an offer constitutes a demonstration of the willingness of a party to enter into a certain bargain that has already been made in a bid to justify another party and make it understand that the former’s assent to the respective bargain is accepted and would be concluded accordingly (Atiyah, 1979, p. 83). In other words, an offer refers to a clear expression of willingness of one party to contract under specific terms that are presented by the other party with the view that if the respective offer is accepted, the former party would be bound by the contract. In this regard, there is dire need for acceptance of the offer as it is. For instance, A offers to publish and market a book for B. B on the other hand accepts the publishing and declines the marketing aspect. In the preceding scenario, B has not accepted the offer as it is; rather, he has offered a counter offer to what was initially offered. In light of the problem case study, an offer

Ulysses S. Grant and The Gilded Age Essay Example | Topics and Well Written Essays - 2750 words

Ulysses S. Grant and The Gilded Age - Essay Example To be fair, keeping up with such expansion would have been a difficult task for any man. The challenges seem mind-boggling, even by contemporary standards. After the Civil War the United States was saddled with a huge national debt, the South's economy was virtually destroyed, the West was being opened up at a rapid pace (despite the increasingly desperate resistance of those whom Grant called "the original occupants of the land"), and the industrialization would very shortly make U.S. productivity soar above that of the United Kingdom. New inventions small and large were changing American life at a dizzying pace: the telegraph, the vast expansion of the railroads, gaslight, the iron-hulled, steam-engined ocean liner and battleship, new agricultural machinery, the safety razor, the repeating rifle, the fountain pen-there seemed no end to American invention and ingenuity-while at the same time the cities of the Northeast and Midwest expanded at breakneck speed to accommodate millions of new immigrants, creating a building boom and sending land prices sky high.4 Faced with all of these challenges, Grant took an unheard of approach in selecting members for his cabinet. He had long since made known his disdain for the political games of Washington. And rather than appoint public officials well-versed the problems of the day, Grant opted to appoint a collection of personal acquaintances and former military connections. Of course, "traditional interpretations of the Grant administration assert that the president-elect erred in not consulting broadly among the nation's political leaders before selecting his cabinet."5 The Senate, initially stunned by... This essay starts with a discussion of the general-turned-president, Ulysses S. Grant. While history cannot help but respect Grant’s morals and ethics in dealing with highly sensitive issues, the corruption that flourished during his terms, and even in his own administration, often casts a more memorable shadow over the era. Indeed, although an entire book could be dedicated to said corruption, and some have, this essay focuses in Grant’s rise to the presidency and his administration’s dealings in: The Gold Ring, Native American Population, The Whiskey Ring, and technology and labor advances following his terms. Fresh off landmark victories in the Civil War, Grant was quite possibly the most popular man in America. He was a landslide winner for the Republican Party without even making a single stumping speech. Grant was noted for his steadfast determination to meet resistance and pound away until he emerged victorious. Abraham Lincoln, when asked why he liked Gra nt responded, simply, â€Å"He fights.† It can surely be said that for eight years, Grant swam against the tide of public opinion in hopes for peaceful Indian assimilation. With the economy on the upswing, Reconstruction slowly working, Indian assimilation in progress, and rapid expansion into the West, Grant was a landslide winner for a second term. His second term, however, would be much more troublesome than the first. In addition to the rise to prominence of the Klu Klux Klan, Grant’s primary focus was on eliminating corruption from big business.

Medicare :: essays research papers

The Medicare DebateEssay submitted by Unknown The U.S. government have denied that Medicare has been going bankrupt. Although the government may say that Medicare has plenty of money it is untrue because it is a fact that Medicare will go bankrupt by the year 2001 as stated by preliminary sources. Medicare is one of the main sources of funding for those people that have no money or very small amount of money. The community service that was done for this research paper is hospital volunteering at John Muir Medical Center. The community service included various jobs that was needed to be done were, Putting items away for nurses, discharging patients, doing paper work, feeding patients, answering phones, and helping patients when they ask for assistance. The floor I worked on was Oncology (The branch of medicine that deals with tumors, including study of their development, diagnosis, treatment, and prevention). This community service has help me gain insight on the Medicare situation be cause I have asked multiple amount of people that work at John Muir Medical Center. There is a side to be considered about Medicare and Social Security in the government. The vice president of the United States, Al Gore, wrote in a letter stating that social security funds are not being depleted. Gore said that, "the allegations to the contrary have been circulated by certain organizations as a money-making scheme for some time." (Gore Letter). Vice President Gore tries to show theses allegations are untrue by explaining how social security works. In this letter, Vice President Gore cleared up the allegations by writing that, "When Social Security taxes are collected, they are credited to the Social Security trust funds with government security, perhaps the safest investment in the United States. In history Medicare has experience a few problem regarding it's funding. Problems have occurred over the history of Medicare. The major problem and most recent of Medicare is that it is going bankrupt. Medicare is another legacy of Lyndon Baines Johnson Great Society. Spending is obviously out of control. On June 5th the government announced that the Medicare Trust Fund would go broke by the year 2001(nationaldebt). In 1965 when LBJ started Health and Medicare, the Total Federal Spending for the year was $101 Billion. By the year 2000 we will spend over 4 times than amount on Health and Medicare alone, and Medicare will equal the annual spending for Defense(CNN).

Cleverness: Woman and Virtue Essay

he association of intelligence or cleverness with virtuous or admirable women had begun as early in the querelle as 1558 4, with Marguerite de Navarre’s collection of short stories now called the Heptameron. Many of the stories, such as Story 2, Day 1 (â€Å"The Mule-Driver’s Wife†) and Story 2, Day 3 (â€Å"Sister Marie and the Prior†) are simple examples of feminine virtue as chastity, but several stories present this virtue in combination with wit. At this point it is still quite early in the querelle, too early for any reshaping of the feminine ideal. Accordingly, Mme. de Navarre seems to view intelligence as more of an asset than a virtue, providing a woman with two advantages: the ability to defend her own chastity, and to avenge herself of wrongs done her. Story 5, Day 1 is an example of the first: a poor boatwoman â€Å"as virtuous as she was clever† outwits two lecherous friars, leaving them stranded on different small islands in the middle of the river. They entreat her not to thus put them to shame. â€Å"I should be doubly foolish if, after escaping out of your hands, I were to put myself into them again,† she replies. â€Å"Wait now, sirs, till the angel of God comes to console you; for you shall have nought that could please you from me to-day. â€Å"5 Her cleverness, which the male narrator-character makes certain to point out as one of her good qualities, allows her to singlehandedly preserve her chastity. This conventional view of feminine virtue is made progressive by the heroine’s intelligence. Most virtuous female characters would have either had to rely on the protection of men, or have suffered the fate of the mule-driver’s wife: death rather than disgrace. The boatwoman’s intelligence gives her power. The second advantage of intelligence has a much more shocking example: that of Story 8, Day 1. In this tale, the â€Å"upright and virtuous wife† of a man named Bornet learns that her husband and his friend are sharing a plot to sleep with her maid-servant. Rather than simply prevent this from happening, the wife substitutes herself for the servant, â€Å"not in the manner of a wife, but after the fashion of a frightened maid. This she did so well that her husband suspected nothing. â€Å"6 When the friend’s turn comes, he takes her ring as a keepsake, and the ring alerts the husband to the deception. The cuckoldry is considered just recompense for his wrongs, while the (adulterous! ) wife is still considered virtuous enough to give her husband a lofty lecture on marital faithfulness. Here, the wife’s cleverness gives her astonishing power over her husband, and because she uses it to avenge his straying eye, it renders her own actions blameless. Surely, without the supplementary virtue of intelligence, this wife would not have any virtue left at all according to the standards of the time. Intelligence may not yet be enough of a virtue to create a virtuous woman in the world of the Heptameron, but like a virtue it already covers a multitude of sins. The fact that these tales and those like them are intermixed with less pro-woman stories of vulgar or stupid women does not render them any less of a defense of women’s virtue and intelligence; rather, it is only a consequence of Mme. de Navarre’s intention to create a wholly realistic environment. In order to depict the diverse group storytellers recounting their various views on â€Å"the ill-turns which have been done by Women to Men and by Men to Women,† she had to give both sides equal voice, as would only be natural in a two-sided exchange. The presence of the stories praising intelligence in women remains significant and a mark of progress. But although these heroines’ intelligence is undoubtedly a benefit to them and an estimable attribute of their characters, it does not afford them the full dignity of a true virtue. It enables escape by deception and revenge by trickery; it serves as a plot device; it provides humor. It is wit or cleverness, rather than wisdom or genius; and unlike chastity, it is not sacred or worth dying for. Intelligence as a genuine virtue would have to wait for later works of the querelle des femmes.