Each and every working citizen of the United States pays into a social security fund to provide for the retired and disabled, and eventually to provide for themselves. Looking to the future, many depend upon social security as their “retirement plan” . . . but should they? Unless a serious reformation takes place, the social security system may be bankrupt by 2033. Shockingly, this bankruptcy has been predicted for decades. Then why has the problem not been fixed? Is it already too late? Fortunately, the social security system can be reformed over a period of time through a very detailed, comprehensive process.
First, some background information must be given in order to understand the problem. As the body ages, one is no longer able to work, and, therefore, cannot provide for himself. There is a need for someone to provide for the
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Ellis explains, “The justification for Social Security is based on the humanitarian concept that financial distress in old-age, poverty and illness can and should be alleviated by the Government.” The socialistic idea that governmental control is necessary in every aspect of life is evident in the social security system. However, as a nation, America has consistently proven in every aspect of life that capitalism trumps socialism. Americans have seen great success, specifically in medical advances, in the private sector. Some feel that the government must be involved in medical care because people are not responsible enough to save for their future. Sherwin Rosen, co-author of The World Crisis in Social Security, feels that replacing private investment with government controlled investment compounds the problem by reducing investments in the private market. Minimizing governmental involvement would provide for greater reform in the social security system and greater involvement in private investment