Privitization Essay -- essays papers

PrivitizationEvery working American citizen contributes to kindly Security. Anyone who has everheld a job has felt the frustration of seeing how much money the administration takes out of theirpaycheck. Being told that we will all be able to collect social security when we can no longerwork does not facilitate the frustration of having 6.2% of our hard earned money taken from us eachpayday. If individuals could have train of their retirement funds, this frustration could beeased. Being able to control our make retirement funds is an option that is being supported moreand more by American workers.Currently, nearly 44 million Americans receive complaisant Security benefits. Of these 44million, 61% are 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 affectionateSecurity Beneficiaries is retired workers. Since the number of working Americans has notgrown alon g with the number who are retiring, Social Security has become a black hole to the live 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 on-going debate over the past few social classs about what should bedone to reform Social Security. The Social Security Board of Trustees estimates that by the year2032, Social Security funds will be fully spent. in that respect are several reasons for this, including theretirement of the baby boom generation and the assumption that the U.S. thrift 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 making social security aprivate matter for individuals, everyone can benefit. One of the plans the government isconsidering includes partial privatization, but it is still revolve around around a flat tax deducted fromthe p aychecks of American workers.The idea of Social Security is a good one. There are many retired workers who wouldnot crystallize it without Social Security. I have seen it myself. My mother has been in banking formore than 20 years, and during that time I have seen all kinds of people coming in to gear uptheir Social Security checks. The majority of them are middle class, retired workers, a... ...s. Since 1996, they have received an averageannual 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 mutual funds is to make a profit with very miniscule risk. By investinginto these and other low-risk programs, there is very little chance of people making poor choicesthat leave them with nothing.The simple fact is that privately owned retirement accounts would produce an incomemuch greater than Social Security provides, and we wouldnt have to face the problem ofrunning out of money. Real life programs interchangeable 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 live 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.