The Social Security Program

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Introduction Social Security provides for the needs of a country’s citizens when they are no longer able to provide for themselves through gainful employment, is an issue that evokes multiple viewpoints. Before laying the framework of the argument for meaningful change to social security program, the program itself must be defined. The Social Security Program is based on the premise during your productive working years you pay a percentage of your income as a tax into the social security system, at some point in the future either by retirement or disability you or your beneficiaries (dependents, children, or survivors) receive monthly benefits; based on your reported earnings (United States Government, 2014). As actuaries, policy makers, and the public are faced with the dilemma of a social security program which will be unable to meet its needs by 2038, the solution appears to be clouded by ideological, demographic, partisanship, market performance and fiscal viability (Svihula, 2008). Through supporting evidence and inference it will be clear that privatization opens issues of risk, which are overwhelming in comparison to the structural issues of a government run social security system. The argument will be made that when all these issues are addressed the debate of privatization is simply a debate of risk vs. reward, however these risk are not of a personal nature but a society as a whole. Structural Changes If the technical and ideological issues are removed from social security, the issue of the programs impending insolvency is simply a matter of expenses exceeding revenue (Gokhale, 2013). According to the Congressional Budget Office, social security will exhaust its reserves and its revenue will not be able to meet its obl... ... middle of paper ... .... (2013). Social Security Reform: Does Privatization Still Make Sense?. Harvard Journal On Legislation, 50(1), 169-207. Svihula, J., & Estes, C. L. (2008). Social Security Privatization: An Ideologically Structured Movement. Journal Of Sociology & Social Welfare, 35(1), 75-104. Williamson, J. B. (2002). What's Next for Social Security? Partial Privatization?. Generations, 26(2), 34. The Board of Trustees. (2012, April 23). Social Security Administration. Retrieved from Social Security Administration: http://www.ssa.gov/oact/tr/2012/tr2012.pdf The Board of Trustees. (2013, May 31). Social Security Administration. Retrieved from Social Security Administration: http://www.ssa.gov/oact/tr/2013/tr2013.pdf United States Government. (2014, February 17). Social Security Administration. Retrieved from Social Security Administration: http://www.socialsecurity.gov/glossary.htm

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