Should Social Security Be Privatized? Why or Why Not.
Social Security Privatization:
Should We or Should We Not?
Social Security Privatization:
Should We or Should We Not?
Everyone has their opinions of Social Security. Many feel Social Security is their savings and the government should not mess with it or use it for paying off other debts. Others believe it should be privatized and that person should be allowed to do what they wish with their Social Security. I am hoping to touch on at least two points for each side of the argument. Before we can dive into each side we need to know how it all began.
Before the time of Social Security, people found ways to secure their economy. Back in ancient Greece, they used olive oil to ensure their economic security. In medieval times, serfs would tend to the lords manor and as long as there were a steady supply of serfs the lords had bountiful economic security. Land was a very vital part to economic security for those who possessed or lived farms. No one really understood the concept of saving up for retirement or severe injuries. Around the time of the Great Depression, in the 1930’s, many elderly were hesitant to ask for government assistance and there were many restrictions that would allow them to become eligible for a pension.
Franklin D Roosevelt proposed a way to assist elderly with retirement benefits, January 1935. Although Congress said it was a “governmental invasion of the private sphere and from those who sought exemption from payroll taxes for employers who adopted government-approved pension plans” (Our Documents) it was eventually passed and implemented eight months later. This act was established initially as a way government could assist elderly with retirement benefits. Social Security is a way to provide for not only elderly but also those in need. Not everyone receives the same amount of money from Social Security when they retire, or need it. It is all based on how much they pay into FICA, or Federal Insurance Contributions Act. This encompasses
Should We or Should We Not?
Social Security Privatization:
Should We or Should We Not?
Everyone has their opinions of Social Security. Many feel Social Security is their savings and the government should not mess with it or use it for paying off other debts. Others believe it should be privatized and that person should be allowed to do what they wish with their Social Security. I am hoping to touch on at least two points for each side of the argument. Before we can dive into each side we need to know how it all began.
Before the time of Social Security, people found ways to secure their economy. Back in ancient Greece, they used olive oil to ensure their economic security. In medieval times, serfs would tend to the lords manor and as long as there were a steady supply of serfs the lords had bountiful economic security. Land was a very vital part to economic security for those who possessed or lived farms. No one really understood the concept of saving up for retirement or severe injuries. Around the time of the Great Depression, in the 1930’s, many elderly were hesitant to ask for government assistance and there were many restrictions that would allow them to become eligible for a pension.
Franklin D Roosevelt proposed a way to assist elderly with retirement benefits, January 1935. Although Congress said it was a “governmental invasion of the private sphere and from those who sought exemption from payroll taxes for employers who adopted government-approved pension plans” (Our Documents) it was eventually passed and implemented eight months later. This act was established initially as a way government could assist elderly with retirement benefits. Social Security is a way to provide for not only elderly but also those in need. Not everyone receives the same amount of money from Social Security when they retire, or need it. It is all based on how much they pay into FICA, or Federal Insurance Contributions Act. This encompasses
References: Baldwin, B. (2011). Privatizing Pensions: The Transnational Campaign for Social Security Reform. Labour/ Le Travail, 68, pp. 240-242. Kotlikoff, L. J. (2000). Privatizing Social Security the Right Way. Independent Review, 5(1), p. 55. Our Documents. (n.d.). Social Security Act (1935). Retrieved from Our Documents: http://www.ourdocuments.gov/doc.php?flash=true&doc=68 Penner, R. G. (2000). Issues in Privatizing Social Security/Should the United States Privatize Social Security (Book Review). Political Science Quarterly, 115(1), p. 124. ProCon.org. (n.d.). Should Social Security be privatized? Retrieved from ProCon: http://socialsecurity.procon.org/view.answers.php?questionID=001605