Social Security Reform

Paper Summary:

This paper discusses the problems of Social Security. The paper examines whether it should be completely or partially privatized, presenting opinions both for and against privatization. The paper also explores whether it should continue as it is, a welfare program of the federal government, with some wholesale changes made to entitlements.

From the Paper:

"There is one thing almost no one disputes: Social Security is in need of reform. Started during the Depression, when states often used state budget monies to care for indigent old people, Social Security was never intended to be the single source for retirement income for most aging Americans. Franklin Delano Roosevelt's administration regarded Social Security, reportedly, as a stopgap measure. During the Depression, even those states that did attempt to care for the indigent elderly were finding it difficult, and families, too, were financially less able to support their elders than before the Crash. In addition, life expectancies were shorter than; except for increasing longevity, without raising the retirement age, accounts for some of the problems with Social Security, according to Brown (2002), Lamm (1996) and (1997, 2001). Mismanagement of the social program, part of a larger syndrome Lamm calls 'generational malpractice' (1996)."

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