Should Social Security be Privatized
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SHOULD SOCIAL SECURITY BE PRIVATIZED?
Social Security was established in 1935 as an insurance program. Workers would make mandatory payments into a fund through the parole tax. Retirees would receive monthly checks from the fund when they retired. As monthly retirement checks slowly decreased in amount due to other federal organizations, people started to intend privatization, a proposal to replace the Social Security system with private retirement accounts. (Halstarr) Privatizing Social Security brings up many controversial issues concerning the security of Social Security, the benefits, if any, privatization will give to workers and their spouses, and the effects privatization will have on the economy.
Social Security is a successful and secure system that is based on a set of concepts that have stood the test of time. It is a universal system that has been effective for more than 60 years. (Weisbrot) Social Security protects families from financial burdens of old age and family tragedies with benefits for dependents upon worker's disability or death. This system keeps 15 million people out of poverty with the progressive-benefits formula, which ensures that low-wage workers receive more benefits than they pay into the system...