Social Security Privatization

Social Security should not be moved into private accounts because that system will not work and instead will dismantle the program. If Social Security were to be privatized, it would be very expensive. By contrast, leaving the government with managing the task of Social Security would be cheaper and allow the government to earn more in returns due to the pay-as-you-go system of the program. That money would then be used in other ways by the government, helping clear the national debt. Even if Social Security is destined to reach insolvency, privatization would not be able to save it. If anything, it would actually make the problem worse, because it would take many workers’ taxes from Social Security and place them into private accounts controlled
This cannot happen, for it is immoral, and because it would damage the economy significantly. Another challenge brought upon by this, is that many workers would also be reluctant to pay for retirees’ benefits, while also having to pay taxes for their private accounts (Bosworth and Burtless). Former president, George W. Bush was for privatization and had tried to get it through Congress, during his term, but the attempt was unsuccessful. In his State of the Union address, he stated "We should trust Americans by giving them the option of investing part of their Social Security contributions in private accounts”. This statement does not hide the fact that many Americans have the intelligence when it comes to managing finances. Following his address, where he advocated for privatization, Bush’s public dissatisfaction rose significantly because of the way he handled Social Security. Legislators knew that privatization would not be a good idea, and did not allow the Bush administration’s Social Security to be passed, because his plan would dismantle the program not rebuild it (Galston). However, the fact that private accounts allow for family members to leave their benefits behind for their successors, should be recognized and implemented by the government. Although, overall Social Security is best
However, people who support Social Security staying in the hands of the government argue that it is cheaper, it would be difficult to move funds to private accounts, it would build upon the US high national debt, and many Americans don’t have the financial knowledge to make wise investment decisions. Privatization should not occur because it is a risky system that jeopardizes our economy and ultimately will destroy the Social Security program. Even though there are many different viewpoints on this topic, both side of the argument can agree that the problem with Social Security is something that needs to be