Social Security Reform

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Social Security:

Being a nineteen year old college student, what does Social Security have to do with you? The fact is, it has every thing to do with us as students! Shortly after President Bush's re-election, he started to put his new found political muscle into Social Security reform, declaring now is the time to act. This new reform will allow workers to withhold payroll endings and put that money into personal retirement accounts. This new plan is designed to give the American people the ability to invest their own money. So many of us less informed and younger voters might ask, why do we need this new Social Security and what is wrong with the old system? The answer is simple, we simply have too many people to support the system in its current state.

The reason I am writing this paper is so younger students who are in college, and do not have the time or simply interest in politics can know why Social Security reform is important to our generation. I feel that as students we simply are not paying enough attention to what is going on in our country. Social Security is going to have a very big impact on our lives if we don't start taking action. The fact is that the people who will be affected by this new reform the most are this generation; it is not the President or his generation of baby boomers, it is us, the young college students. If our generation is going to be affected by this new reform then don't you think we should know why we need Social Security to be reformed, and how the new system will work?

Let us start with what is wrong with the current system of Social Security. FDR created the Social Security program in 1935. It was designed to be a contributory social insurance program: if everyone puts in, everyone will receive benefits. In 1935 when the plan was created, there were forty-two workers to support every one beneficiary of Social Security. The problem is that it was created for a much smaller population, one who was...
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