Privitization Essay -- essays papers

PrivitizationEvery working Ameri jakes citizen contributes to genial Security. Anyone who has everheld a business sector has felt the frustration of seeing how much money the goernment takes out of theirpaycheck. Being told that we will all be sufficient to collect social security department when we can no longerwork does not ease the frustration of having 6.2% of our hard earned money taken from us eachpayday. If individuals could have falsify of their retirement funds, this frustration could beeased. Being able to control our own retirement funds is an option that is being supported moreand more by American workers.Currently, nearly 44 million Americans receive Social Security benefits. Of these 44million, 61% ar retired workers, 17% are survivors of deceased workers, 12% are spouses andchildren of retired workers, and 10% are disabled workers. Obviously, the major group of SocialSecurity Beneficiaries is retired workers. Since the number of working Americans has notgr own along with the number who are retiring, Social Security has become a black hole to thecurrent generation of workers. We will pay into it most of our lives, but will not be able tocollect unless a drastic change is made.Everyone has heard the ongoing debate over the past few years about what should bedone to crystalise Social Security. The Social Security Board of Trustees estimates that by the year2032, Social Security funds will be fully spent. There are several(prenominal) reasons for this, including theretirement of the baby boom generation and the assumption that the U.S. economy will growat a slower rate than it has been. While republicans and democrats fight over whose plan isbetter, there is a simple alternative to Social Security privatization. By reservation social security aprivate matter for individuals, everyone can benefit. One of the plans the presidential term isconsidering includes partial privatization, but it is still centered around a flat tax deduct ed fromthe paychecks of American workers.The idea of Social Security is a good one. There are many retired workers who wouldnot make it without Social Security. I have seen it myself. My mother has been in banking formore than 20 years, and during that judgment of conviction I have seen all kinds of people coming in to deposittheir Social Security checks. The majority of them are middle class, retired workers, a... ...s. Since 1996, they have received an average yearbook rate of return of more than 14%.There are some who would argue that too many people might make poor investmentchoices, and end up going to the government for assistance upon retirement. There is no sureguarantee that this would never happen however, this has not happened in Chile, Galveston, orSan Diego. The purposes of rough-cut funds is to make a profit with very little risk. By investinginto these and other low-risk programs, there is very little chance of people making poor choicesthat leave them wit h nothing.The simple fact is that privately owned retirement accounts would produce an incomemuch greater than Social Security provides, and we wouldnt have to lay out the problem ofrunning out of money. Real life programs like the ones in Chile, Galveston, and San Diego showhow successful Social Security privatization can and would be if only the government wouldgive us the freedom to choose how to protect our future. The current system has failed. Its justa matter of time until Social Security is bankrupt. It is time for the government to let the peopledecide how to provide for their own futures.