Social Security

Paper Summary:

This essay attempts to find common ground for both proponents and opponents of social security privatization. It begins by presenting both arguments, and the subsequent pros and cons of each. The paper then presents the facts and several popular alternative proposals towards finding a solution.

From the Paper:

"Allowing workers to privately invest Social Security taxes would give workers more ownership of and control over their money and increases in rates of return. Proponents note that many less well off households, particularly minority households and those with low education and earnings, currently save very little and therefore have very little wealth upon retirement. As a result, the distribution of bequeathable assets among retirees in the United States is highly unequal. A system of personal accounts would allow workers to accumulate real and bequeathable assets and could lead ultimately to greater equality of wealth. Social Security privatization therefore, for some, exists as a progressive option for the poor and uneducated."

Sample of Sources Used:

• Goss, Stephen C., "Estimated OASDI Financial Effects for Two Provisions that Would Improve Social Security Financing Plus a Balancing Tax-Rate Increase," memo to Robert M. Ball: 10 Oct 2003.
• Robert M. Ball, "Social Security Plus:" December 2004.
• Chris Chaplain & Alice H. Wade, "Estimated OASDI Long-Range Financial Effects of Several Provisions Requested by the Social Security Advisory Board," (Feb 2005).
• Congressional Budget Office, "Updated Long-Term Projections for Social Security," March 2005.

More papers on Social Security:

• Analytical Essay # 33818 : "Social Security in the United States"
• Term Paper # 141240 : "Social Security: Answers To The Approaching Storm"
• Essay # 32201 : "The Social Security Act of 1935"
• Argumentative Essay # 93086 : "Social Security"

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