What Is the Future of Social Security?

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What is the future of Social Security?

There is much-heated debate on the issues of Social Security today. The Social Security system is the largest government program of income distribution in the United States. People are concerned that they won't see a dime of what they worked so hard to contribute into the Social Security system for so many years. Social Security provides benefits to about forty-three million Americans. Not only to retired workers, but also to their spouses and dependents of the workers who die prematurely. It also provides benefits to disabled workers and their dependents. Social Security appears to most people like a simple retirement saving's account. After all, you generally contribute through payroll deductions, then get money back after you retire. Nonetheless, Social Security is a complex and intricate communal program. By design, Social Security involves massive subsidies from the next generation of retirees to the present, from single workers to married couples. Now that the gigantic post World War II baby boomers generation approaches retirement age, there is concern about the consequences it will have on Social Security. There are basically three options, we can do nothing and allow Social Security to run it's course, revise Social Security, or consider privatization of the system.

Historically, the Democratic and Republican parties have clear and opposing viewpoints. Quite simply, the Democrats whole-heartedly oppose change to a program initiated under Roosevelt's New Deal. The Republicans consider this social program contrary to capitalism. However, over time the Republicans learned that it's popularity with the voters has made this issue untouchable.

According to Congressman Richard Gephardt, the social security was not meant to be the sole source of retirement income but rather as a foundation for retirement to give all working Americans a safety cushion. There will be money in the fund until 2029, so...
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