Reform of Social Security

Paper Summary:

This paper takes the position that reform of the Social Security system is imperative, as the system will begin to fail within a decade and be bankrupt within three decades. The writer notes that privatization offers numerous benefits to both high- and low-wage-earners, but carries a stigma in the minds of some voters who do not fully understand what is being proposed. Further, the writer concludes that although there are various forms it might take, privatization is the best solution.

From the Paper:

"American seniors today rely heavily in Social Security benefits. Without it, half of all seniors in the United States would live below the poverty line, instead of the twelve percent who actually do. "Thirty percent of elderly beneficiaries derive 90 percent or more of their income from Social Security benefits". Clearly, for these persons, the Social Security program as they have experienced it is a godsend; even workers in their forties are going to be reluctant to see any changes in a program to which they have contributed for twenty-odd years. Nonetheless, if no reforms are made, Social Security is headed for a crisis, which experts believe will result in its bankruptcy by 2037."

More papers on Reform of Social Security:

• Research Paper # 29239 : "The Future of Social Security"
• Essay # 86138 : "Effect of Social Security Reform on the Baby Boomer Generation"
• Analytical Essay # 33818 : "Social Security in the United States"

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