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Editorial on the cons of privatizing social security
Editorial on the cons of privatizing social security
Editorial on the cons of privatizing social security
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In Favor of Social Security Reform
There are millions of Americans affected by social security. These Americans rely on social security to provide them with financial security. Recently President Bush agreed to proposing a method of privatizing the social security program so that in the future the vast reserves of the social security system would not run out nearly as fast. With the always increasing rise in inflation, and the baby boomer generation reaching ages of retirement fairly soon, this is an issue that needs to be dealt with correctly and rapidly. The way the president is handling the situation is definitely the right way to do it. There are many things and ways in which to do it wrong, but the president seems to be pointing the plans of social security in the right direction. The president’s plans of reforming social security are right because the privatization is the best way to go, changing the rules for those who would apply for it increases the savings and makes the money go farther, and working with the distribution of different tax percentages would really make the money go a lot farther.
To understand how privatizing social security will help the social security program in the future, first it is important to know what it is and what it does. How social security works now is that everybody that gets benefits from the social security program all get them from one big pot, so to speak. By privatizing the different accounts, they can earn interest faster and make more money for the consumer on an individual basis. This can work better to because the accounts are individualized and earn the right amount of money for the different financial situation that the person is in. This will be a big change for the way that social security is run, but it is for the better and it will help lots of older Americans and the social security program in general for years to come.
One of the big questions when dealing with the privatizing of social security is where it leaves the minority groups. All minorities are affected, but the African Americans are most likely the ones that will need to deal with it most.