Privatization of Social Security essays

Privatization of Social Security essays Social Security affects almost every American family. Currently, it pays benefits to more than 46 million people, including retired and disabled workers and their families, as well as the survivors of deceased workers. Although, it is believed that number of people receiving benefits is expected to drastically increase up to 68 million by the year 2020. In the State of the Union Address, President George W. Bush has stated that one of Americas most important institutions (social security) is need of reform.# I believe that solving social securitys long term financing problem is more important and complex than simply adding the numbers and structuring designs of future trust funds which President Bush and his administration are proposing. And personally, I do not believe that privatization of social security would be a viable option for solving a problem such as this one. In this short opinionated statement I hope to convince my reader that the reform that Bush administration is proposing is not only risky, but will result in high costs and will not guarantee benefits to future retirees. Over the long term, as the baby boom generation retires, social securitys financing loss presents a major program solvency and sustainability challenge. It is evident that the sooner we take action to solve this problem, it will allow the changes to be introduced so that individuals who are most likely to be affected, mostly younger, students like myself, and future workers, such as every American, will have time to adjust the retirement planning. Either one of the option that we as the Americans in the future choose to take, will result in penalizing those who are currently and in future will be depending on the program. Private accounts, which Bush and his administration believe to give the younger workers a chance to build a nest egg, would not only undermine the meaning of social security as we have kno...