Lets discuss a pro about what would happen or in better terms, something good that would happen through privatizing social security. As we all know, some Americans do not like the government being in charge of so much of life. If Social Security became privatized, this would emancipate the American people and give each individual citizen a right to have control ove...
... middle of paper ...
...ctors could be considered, but also several worsening factors could be looked at to. Its like facing between a republican and a democrat, both have different pros and cons amongst themselves and the same with privatizing social security for us. Both it has a good portion of the facts going for it but then you also have your bad side.
“Should Social Security Be Privatized? –Pros and Cons” by Michael Lewis, moneycrashers.com
“Social Security Full Retirement Age” by Kaye A. Thomas, fairmark.com
“Should Social Security Be Privatized?” +Pro and Con facts, procon.org
“How Social Security Numbers Work”, howstuffworks.com
“Stock Market History The Dow Jones Industrial Average Closing History Since the Great Depression” by Kimberly Amadeo, about.com
“Simplifying Social Security Proposals Common Sense Says No to Privatization” by Deborah White, about.com
Need Writing Help?
Get feedback on grammar, clarity, concision and logic instantly.Check your paper »
- There are a few major current concerns that was brought about the future “solvency” of Social Security. People are scared because of the projections of the trust fund will being depleted by 2040. This means that there will be a scare amount of income going in to the trust fund; as a result, people will not be able to receive the full amount of benefits that they were promised (Quadagno: 349). One reason they are scared is because that the Baby Boom generation is aging (Quadagno: 334). The Baby Boom generation make up the majority of the population and have the most influence on what is happening in the United States.... [tags: Retirement, Pension, Payroll tax, Privatization]
1504 words (4.3 pages)
- Social Security was established as a promise to the people of continuation of income into retirement. Well the road to hell is often paved with good intentions, because that promise now has the country in economic uncertainty. The guarantee that workers will be taken care of in their old age if they paid their Social Security tax, is no longer guaranteed. If we don’t come to a unanimous decision as to a plan of reform; financially our country is doomed. Social Security has always struck me as a socialist program.... [tags: Social Security Reform]
2764 words (7.9 pages)
- The current social security system is not going to last forever; the social security system is projected to run out of money by 2034. As of right now the social security system operates by the currently employed population paying into it so that the current retired population will have a source of income. But with the major population shift that has happened in recent years there is not enough people working right now to put money into the social security system. Which is why social security should be privatized.... [tags: Retirement, Pension, Social security]
737 words (2.1 pages)
- It’s a matter of either losing all that you have worked for and live in poverty when retired or allowing your hard earned dollars to grow and have a secure comfortable retirement. I believe that Social Security is a doomed Government Program and that Privatization of Social Security would allow for a more secure retirement plan for all Americans. Social Security was first created to help aging Americans in their senior years so they would not end up in poverty. Social Security was signed in as law on August 14, 1935 by President Franklin D.... [tags: retirement plan, privatization of social security]
1348 words (3.9 pages)
- Social Security in the United States today is being utilized in a manner never intended much different from how it was intended, with over 33 percent of retirees using the funds as a main source of income (“Many” para 1). While it appears to be a genuinely good and generous thing that the government provides a substantial income for senior citizens, the funds are drying up more quickly each year. They are expected to run out by the year 2033, but this is at a faster pace than expected; in 2011 the funds were expected to contribute to the elderly until 2036 (“Social” para 2).... [tags: Social Security, America, Retirees, Funds]
1407 words (4 pages)
- As the baby boomers continue to reach the Social Security-drawing age, the American government’s surplus of finances will gradually fall to a dearth of funds unless intervention is made quickly. Plans for reform have been mentioned, but so far nothing has been done to supplement the future’s inevitable lack of funds. The sooner the government takes action on Social Security, the less severe the reform will have to be. Well- planned adjustments in the smallest increments can make the largest impacts on the system of Social Security.... [tags: Social Security, USA, ]
699 words (2 pages)
- The Social Security System is in need of a new reform; our current system was not designed for the age stratification we have at this time. The U.S. Social Security Administration Office of Policy states, “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.” Social Security was modeled... [tags: United States, Social Security Administration]
873 words (2.5 pages)
- The Privatization of Social Security Many people don’t understand how the Social Security system really works. There are no separate Social Security "accounts" set up for each taxpayer to which he contributes his Social Security "tax" each year. Many people believe these accounts exist, that the money they pay into their accounts grows each year until retirement, and when they retire they get back what they paid in with interest. This is not true. Most people are unaware of the fact that our current Social Security system is a "pay-as-you-go" program, which means that the revenue the federal government raises each tax year for Social Security benefits is paid out that same year to benef... [tags: Social Security Privacy Retirement Essays]
2005 words (5.7 pages)
- In the past decades, Social Security Administration has had annual revenue that excesses the amount it pays to beneficiaries. However, U.S. economy situation has created a long-term effect in many of the public organizations and departments. Social Security Administration is one of many departments that will face some economy issues during U.S. economy recovery. Social security will post nearly $600 billion in deficits over the next decade as the economy struggles to recover and millions of baby boomers stand at the brink of retirement, according to new congressional projections, (Ohlemancher, 2011).... [tags: American Government, Social Security Deficit]
912 words (2.6 pages)
- Most of the problems of the United states are related to the economy. One of the major issues facing the country today is social security. The United States was one of the last major industrialized nations to establish a social security system. In 1911, Wisconsin passed the first state workers compensation law to be held constitutional. At that time, most Americans believed the government should not have to care for the aged, disabled or needy. But such attitudes changed during the Great Depression in the 1930's.... [tags: Social Security Essays]
2175 words (6.2 pages)