2006年考研英语模拟试题一(9)

age. According to the recently issued statistics, 79 percent of qualified workers begin collecting retirement benefits at age 62; if that trend continues, there will be a labor shortage that will hinder the economic growth in the twenty-first century. Older Americans constitute an increasing proportion of the population, according to the U. S. Census Bureau, and the population of those over age 65 will grow by 60% between 2001 and 2020. During the same period, the group aged 18 to 44 will increase by only 4%. Keeping older skilled workers employed, even part time, would increase U.S. economic output and strengthen the tax base; but without significant policy reforms, massive early retirement among baby boomers seems more likely.

Retirement at age 62 is an economically rational decision today. Social Security and Medicaid earnings limits and tax penalties subject our most experienced workers to marginal tax rates as high as 67%. Social Security formulas encourage early retirement. Although incomes usually rise with additional years of work, any pay increases after the 35-year mark result in higher social Security taxes but only small increases in benefits.

Hudson Institute researchers believe that federal tax and benefit policies are at fault and reforms are urgently needed, but they disagree with the popular proposal that much older Americans will have to work because Social Security will not support them and that baby boomers are not saving enough for retirement. According to the increase in 401 (k) and Keogh retirement plans, the ongoing stock