Privatization of Social Security Essay

Privatization of Social Security Essay

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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. Roosevelt and was fully operating by 1940 (SSA). Originally a retirement program, but Social Security now includes survivor benefits, disability benefits and Medicare and all together is the largest expenditure of the federal government (SSA). Evidence proves that today Social Security is not sustainable which is the reason that Social Security should be privatized, first, because it is currently unstable with a future outlook of becoming even more financially impossible. Next, privatization of Social Security will boost the economy, and finally, privatization will allow for a more comfortable retirement by putting more money in the pockets of the retirees and families.
First the reason why Social Security should be privatized is that it is unstable. According to a 2003 report published by the Social Security Board of Trustees declares by the year 2018, tax revenues will fall below program costs (Security). Social Security will be paying out more money than it will take in causing it to be unsustainable. The government will then have the choice to make up the difference by dipping into the government budget, raising taxes or cutting benefits (Security). It is reporting that over the next 75 y...


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...-security-system-case-privatizing>.
Hardaway, Robert. Privatization Sould Save Social Security, Not Destroy It. 31 August 2010. .
Procon.org. Should Social Security Be Privatized. n.d. .
Security, Social. Social Security Online. 17 March 2003. http://www.ssa.gov/OACT/TR/TR03/index.html. 27 January 2014.
Shawna De La Rosa, Demand Media. How Does the Stock Market Influence Our Economy. n.d. .
SSA. Social Security Administration. n.d. http://www.ssa.gov/history/hfaq.html. 27 January 2014.
Trust, Northern. The Privatization of Social Security - Opportunities and Challenges. n.d. .


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