Our Social Security program is in serious trouble. What is the solution? One possible answer is
to look towards the privatization of funds.
Pick up a magazine, newspaper, listen to the radio, or even turn on the television and you
can’t help hearing someone talk about our Social Security program. Seeing that we are getting
ready for the upcoming presidential election, the subject of what to do with our Social Security
is definitely on everyone’s mind. Social Security is a crucial portion in any business
compensation package. It is something that we cannot do without, or can we? So what’s
wrong with our Social Security program? Talk to several different people ...view middle of the document...
President Roosevelt’s administration based it on a social insurance foundation, instead of
centering it on welfare. This idea of social insurance began in Europe, during the 19th century.
Our Social Security program has been amended several times. In 1939, the program was
changed to a family-based economic security program; as a result, moving slightly away from a
retirement structure. Disability benefits came on-board around the early 1950s. The
“retirement age” was lowered to 62 years old, in 1961. President Nixon added what is known
as Supplemental Security Insurance or SSI, during his time in office. There were several other
amendments that added to the foundation of our Social Security program. The concern of
financing the funds, for the program, started to become a hot issue during the late 1970s and
has been ever since. So what’s wrong with our Social Security program today? Is the program
running out of money?
Typically, the more liberal individuals will say that Social Security is adding to our budget
concerns, or that the program is taking money out of the United States Treasury Department.
This mind set could not be farther from the truth. Our government, in fact, has been dipping
into the Social Security funds, by justifying that it has been needed elsewhere. Ted Nugent
mentioned, in an article to The Washington Times, that there is an IOU for $2.5 trillion in the
Social Security trust fund. The reason for this is that our elected bandits stole all the Social
Security taxes collected...