Social Security Reform

Paper Summary:

The paper explains the current challenges to America's Social Security system that sheds light on why Social Security reform is inevitable. The paper contends that what is needed is a privatized system, where individuals are able to reap the full rewards of investment and the economy can benefit from the increased national savings and tax reductions afforded by a more efficient system.

Outline:
Introduction
Social Security Overview
Challenges with the Current Social Security System
Benefits of Social Security Privatization
Issues that Must Be Considered in a Privatized System Reform
Conclusion

From the Paper:

"Social Security and changes that need to be made is a hotly contested debate topic, on both ends of the political spectrum. Yet, as Feldstein notes, many elected officials are not willing to confront this looming problem, due to its politically dangerous nature. Yet, with the rapidly aging population of more than 10,000 Baby Boomers per day becoming eligible for benefits over the next two decades (Lassiter), the Social Security problems cannot be ignored much longer. Something will need to be done, or America will see the entire system collapse."

Sample of Sources Used:

• Feldstein, M. Privatizing Social Security: The $10 Trillion Opportunity. 31 Jan 1997. Cato Institute. March 18, 2008 <http://www.cato.org/pubs/ssps/ssp7.html>.
• Ferrera, P. A Plan for Privatizing Social Security. 30 Apr 1997. Cato Institute. March 18, 2008 <http://www.socialsecurity.org/pubs/ssps/ssp8.html>.
• Historical Background and Development of Social Security. Mar 2003. Social Security Administration. March 18, 2008 <http://www.ssa.gov/history/briefhistory3.html>.
• Lassiter, M. Nation's First Baby Boomer Receives Her First Social Security Retirement Benefit. 12 Feb. 2008. Social Security Administration. March 18, 2008 < http://www.socialsecurity.gov/pressoffice/pr/babyboomer-firstcheck-pr.htm>.

More papers on Social Security Reform:

• Essay # 46168 : "Social Security Reform"
• Research Paper # 60221 : "The U.S. Social Security Reform"
• Cause and Effect Essay # 7914 : "Social Security Reform"

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