The Social Security System

Paper Summary:

This paper explains that young people are paying more into the Social Security System than they will probably receive as retirees. The author believes that, even though it is reported that the Social Security system is secure for the next thirty-five years, this may nothing more than "hogwash." The author supposes that progressive benefits can more than offset the difference in longevity, so that the claim of some conservatives that young people earn a negative return on their Social Security taxes is wrong.

From the Paper:

"Conservatives have continued to criticize Social Security since its enactment in 1935, it, but its popularity has saved it from multi-front attacks. There since have been many attempts to reduce reinforcement among Social Security's varied constituencies, including youth and minorities. Still others have tried to generate support for changes that will actually weaken the system but claim to strengthen it. One of these methods is the constant move toward privatizing the entire Social Security system. In essence, what many conservatives since the 1970's, and now Mr. Bush, have tried to do, is to take all of the Social Security funds and put it into the stock market. This program could be disastrous for young people because the volatility of the market could deplete the system by the time the average thirty-year-old will collect his/her fair retirement share."

More papers on The Social Security System:

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• Term Paper # 148572 : "The Social Security Problem"

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