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Why Should The Government Privatize Social Security

681 Words3 Pages

The American Social Security program is in a troubling start. Funding for the program is slowly starting to trickle away as more and more citizens are starting to receive these benefits. The government needs to change something to try and fix this problem. Privatizing the social security program to allow banks to take over the program is one way politicians and economists have considered fixing the issues. This would allow the government to cut back spending in the area, allow the citizens to control more of their own retirement, and allowing them to get a higher return for their lifetime investments into the program.
One benefit of having the government privatize Social Security is that it gives the citizen much more control over their own retirement. Allowing them to monitor and track the bank account and watch it rise allows them to have a higher entitlement to their own earnings. Instead of just dumping money into the system all throughout their lives and not seeing anything until retirement, it will give them something to look at. With the current …show more content…

This money could also help spur more investing to individuals from the banks, which can help lower interest rates. Overall having banks spend the money is a positive use of the investment. The cap can still be left at age 62 for money to be taken out, which allows for much more consistency in banking investments. Putting more money into the United States economic system should also be strongly looked at as a key benefit. Reducing the tax amount could help lead to higher wages, more leisure, and higher consumption. As long as the proper regulations are in effect so that banks are properly supplying every single citizen, it is a valid option to allow citizens to potentially retire at an even earlier wage depending on market

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