Is Social Security Reform Really Necessary?
For many years the social security program has been operating successfully. In recent times however, it is becoming apparent to some that social security is in need of reform. Their argument is that with the amount of people getting older in the next couple of decades, there will not be enough money left in the social security reserves to pay for everyone who needs it. That is why the idea of separating social security up into private funds has been brought to the attention of the American citizens. This idea of reform has been around for quite a long time; however it has been pushed on by pro reform supporters more in recent times because they think it is necessary for the future of the social security program. The idea of reforming the way that social security functions is a bad idea because the way it is set up right now will work in the future regardless of population changes. It also won’t be worth the time and money to reform something that is already working very well, which social security is. Furthermore, the current president’s plan of privatizing social security had many problems and will not work very well during future years. These problems will not only affect the way our seniors live their lives, but also it will put our country deeper and deeper into debt. Many things would change as a result of social security reform, not one of which is better. Most Americans do not enjoy unnecessary taxes and costs, and the privatizing of social security is one thing that is preventable and would not even save the American citizens money in the long run. This idea is very poor, and there are many reasons why it should be stopped.
To understand what is wrong with privatizing social security, it is very important to first know how social security works in its current form. What social security is exactly is a way for older Americans and retired American citizens to have financial benefits after they become too old to be working. This includes money for prescription drugs, food, and other common living costs. It comes to the beneficiaries in the form of a check routinely. This money comes from a vast social security reserve that is paid for by the common American taxpayer. The idea behind this is that when you are making money and have a steady job, you will pay money toward social security so that in the future you can benefit from it when you are retired by the payments of those that are younger and are working. It is kind of a cycle that keeps on going, and it adjusts accordingly to inflation and population changes and so on. But there are those who think that it is not going to hold up and the reserves will be depleted in the future as baby boomers get older. This is not true at all because as there are more people needing it, the inflation rate will also go up, giving everybody a chance to receive the benefits of social security.
Those who think that privatizing social...