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Essay On Social Security Privatization

494 Words2 Pages

Considering all of the government programs Social Security easily has become one of the largest programs we have in the United States. Social Security has also been around since August of 1935 due to the fact that Franklin D. Roosevelt signed the Social Security Act which created the government program. As for the question of Social Security being privatized is a controversial issue that many people have strong opinions on, hence as for my opinion I do not believe that it should be privatized. I have read extensively on the pros and the cons of this topic, therefore I do not understand the benefits the privatizing would place on the nation.
A major issue that I see is the fact that there has been talk about Social Security ending by 2034 when …show more content…

Privatizers fill this funding gap by dramatically cutting Social Security benefits. They cover the rest by borrowing money, thereby increasing the debt burden on all taxpayers by trillions of dollars over the next half century. With market-based accounts, the risk of an adequate retirement is placed entirely on the individual. (2)
If Social Security is privatized it will not help the government bureaucracy issue, in fact this issue will expand to be exact. This decline would be on an account of the fact that there will have to be a complete overhaul of government employees, thus all new employees would have to be hired and trained for the tracking of private retirement accounts. Social Security in its current state creates a balance for the rich and the poor some may even call it an equalizer, yet when you privatize Social Security it will only benefit the percentage of Americans that are wealthy.
Social Security taxes are weighted to balance the system for all levels of wage earners, while private accounts favor the rich because low-income earners without their own savings would have their retirement funding dependent on the success of the markets.

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