For many in today’s political culture, their perception of the current Social Security system resembles that of an empty childhood promise. Policy makers have begun to invest time and resources into areas of research that help determine whether to continue funding the current system, or to bring about mass reform. Both perspectives offer valid points defending their stance, however, the fundamental backing of a strong Social Security system relies on its ability to procure hardships and economic setbacks while still proving those relying on the payments a deserved sense of economic security.
Similar to almost all major political debates there are those advocating for reform, stagnation, and then entering into a state of oblivion. As the
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As the researchers of the Cato Institute have determined, the current attempted equilibrium the government is trying maintain, will be become insufficient quite rapidly in the coming years. For their contribution to the Social Security reform debate, they have backed their brains behind their 6.2% solution. The core tenants of their reform policy rely on placing wages back in the hands of the employee by giving them ownership of their payroll taxes. The ability to obtain the workings for a cost effective, long-term solvency program becomes a possibility once the employees opt into the option enabling them to invest their 6.2% of payroll taxes into individually owned, privately invested accounts. Supporters of taking the power of government further away from the allocation of earnings fosters a greater sense of individual power, often desperately sought out by women and minorities in the current system. The program Cato is proposing provides minority groups of the current system the opportunity to receive far greater benefits from the system through the breaking down of the payroll tax. The other 6.2% of the tax