Social Security has carried a safety net for millions of Americans for nearly a century. This safety net could be alternatively recognized as the debts of the father, bound to crush younger generations of taxpayers in America. There are countless propositions by academics and politicians alike on how to rectify Social Security’s craterous gap between their funding and spending. This gap has been recognized by politicians and voters alike since shortly after Social Security’s inception, even former United States President George H.W Bush stated, "There is no trust fund — just IOUs that I saw firsthand" (Koffler & President H.W. Bush).
Through countless continually varying ways, Congress has surreptitiously bequeathed this mounting funding gap
…show more content…
As the typically redistributed Social Security taxpayer funds, would be instead allotted to private retirement investment accounts in their entirety once the current Social Security deficit has been paid off. Social Security’s biggest expense will be handled privately, and the funds will be in private hands, growing at the private market rate. These “equity investments could be a means of allowing future generations to share in the income and risk of current-vintage capital" (Mariger), helping our future generations in their youth, as these funds can be inherited after the contributor is deceased. This will shrink the program immensely, as the main focus would shift primarily from retirement pensions to …show more content…
Shrinking this erroneous budget and paying accrued debts is a marvelous plan in theory, but opposition states “Any transition from an existing pay-as-you-go (PAYG) system (e.g., the current social security system in the US) to an advance funded alternative will involve substantial transitional costs.” (Williamson). While opinion from the opposition is well placed, “Several studies show that privatizing a viable Social Security system can increase GDP and economic welfare in the long run (e.g., Feldstein, 1995; Kotlikoff, 1995; Kotlikoff, Smetters, and Walliser, 1998).” (Mariger). With the indication that these processes can lead to an overall increase in the United States economy and no slated reduction in retirement funding, it should be an easy sale to the average American voter. However, “Come election day, however, proposals to change Social Security become weapons.” (Glassman) that most assuredly will end political careers, and with elected officials reluctant to upset the apple cart it seems ever unlikely that the American people will see a reasonable bipartisan Social Security reform of any