Social Security is a program, funded by American tax dollars, that benefits retirees and the disabled. It is an entitlement program because any person who qualifies is entitled to the program. It was established in 1935 to protect Americans, especially those not able to work, from poverty. But with the growing national debt (currently at $8.8 trillion) it is predicted that Social Security may face some serious problems. And with the Baby Boomer generation, the generation of Americans born after WWII, reaching retirement, there aren’t enough working Americans paying Social Security taxes to cover those retiring. By as early as 2017 the government will have to be spending more on Social Security benefits than it receives from income taxes. And the government actually owes the Social Security program. It used some of that specific tax money to pay for the other programs in the Federal Budget. America is in so much debt all the way around, there is no way that Social Security will continue to benefit anyone unless changes occur. But what kinds of changes are necessary? In 2005, President George W. Bush proposed a plan for Americans to have the option of investing in private accounts rather than pay for Social Security. Many people support this idea because they feel Social Security cannot be trusted anymore. But many people disagree with this idea because they feel that the Social Security program is strong enough to take a hit and if they just make small changes, like raising the income tax and/or the retirement age, then everything will be okay.
I think that the Social Security program isn’t the problem. It’s the government that keeps taking money from the program to pay for its debt in other matters that is truly the problem. Because of this, I believe that Americans should have the choice to stop paying taxes to Social Security and put their money into their own private investment funds. This way, they are keeping track of their own money if they would like. Americans would still be paying taxes and hopefully helping the government recover from its debt but no one would be forced to give money to a program that might never pay them back. I think that, in this particular case, Americans have the right to keep track of their own retirement money. President Bush pushed this idea for awhile but eventually dropped it when he could not find enough support. (http://en.wikipedia.org/wiki/George_W._Bush) I think that it should be given a second look. Social Security will not survive if major changes are not made. President Bush felt that this idea of private investment funds should have at least been considered in more detail and I agree.
Blog Sites with more information on the Federal Budget and National Debt:
Spending What We Can Afford http://erintakle.blogspot.com/
War Dollars http://backstroker321.blogspot.com/
Picture Source:
http://afpmo.net/index.php?id=648&state=co
I think that the Social Security program isn’t the problem. It’s the government that keeps taking money from the program to pay for its debt in other matters that is truly the problem. Because of this, I believe that Americans should have the choice to stop paying taxes to Social Security and put their money into their own private investment funds. This way, they are keeping track of their own money if they would like. Americans would still be paying taxes and hopefully helping the government recover from its debt but no one would be forced to give money to a program that might never pay them back. I think that, in this particular case, Americans have the right to keep track of their own retirement money. President Bush pushed this idea for awhile but eventually dropped it when he could not find enough support. (http://en.wikipedia.org/wiki/George_W._Bush) I think that it should be given a second look. Social Security will not survive if major changes are not made. President Bush felt that this idea of private investment funds should have at least been considered in more detail and I agree.
Blog Sites with more information on the Federal Budget and National Debt:
Spending What We Can Afford http://erintakle.blogspot.com/
War Dollars http://backstroker321.blogspot.com/
Picture Source:
http://afpmo.net/index.php?id=648&state=co
No comments:
Post a Comment