Should We Privatize Social Security Benefits?

Should we privatize social pledge benefits? societal Security is a social welfare service concerned with protection against soci eithery recognized conditions, including poverty, old age, disability and unemployment. The system is structured same(p) an insurance scheme, where both employees and employers are imposed to pay federal official Insurance Contrisolelyions Act (FICA) tax to fund the system. The current united States accessible Security System is a pay-as-you-go program. The revenue that the federal government raises each year for social protection benefits is paying(a) out that same year to beneficiaries. Social insurance is an inhering feature to guaranty a minimum standard of vivification to all citizens, but the current system has also around flaws that are indispensable to repair. In 2005 chair Bush raised(a) awareness of the critical situation of the United States social security system. Social Security is sound for todays seniors and for those nearing retirement, but it needs to be fixed for younger workers our children and grandchildren. The government has make promises it cannot afford to pay for with the current pay-as-you-go system the US president stated.

I believe that partial privatization of the existing social security system is absolutely necessary in order to countenance adequate benefits to future generations. The following three arguments led me to this conclusion. Social Security essentially represents an intergenerational social contract, whereby the next generation implicitly promises to pay for the retirement of the previous generation. But the future generations leave not be able to stick to this contract. In 1950, in that location were 16 workers to support every one beneficiary of Social Security. Today, there are only 3.3 workers supporting every beneficiary. And the comely is going to decline even further. Baby boomers begin to retire, erupt medical care extend peoples look expectancy and the United states birth rate hit an all time low in 2002. Since 1983, tax... If you want to get a full essay, order it on our website: Ordercustompaper.com

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