American Government Discuss the proposal to privatize Social Security. One aspect of that plan is to allow individuals to invest most, if not all, of their own money into investments, rather than into the Social Security System. Given recent economic events, discuss whether this plan will be effective…
It is feared only a percentage of payment of benefits will be raised from FICA taxes, thus causing an imbalance that will need to be found from the Social Security Trust Fund, which as years go by will diminish. Recent economic events have increased levels of unemployment; meaning less people are paying into the Social Security system. Some may invest into an unsuitable private system or none at all; this raises questions as to what would happen to them and their surviving relatives in the event of disability/retirement or death, thus the effectiveness of privatisation is doubtful. For those who invest privately, this may mean better benefits are paid, than the Social Security system offers (Shipman, 1995). However, an element of risk concerns private investment, whereby people could lose out if private companies collapse/become bankrupt due to the economy (or due to dishonest investments), and that amounts paid could vary according to stock markets (Campbell and Feldstein, 2001). If Social Security is privatised, I will need to give greater thought to the future, much earlier. Private plans need to be put in place to ensure financial stability in retirement, and in case of long-term disability or death. ...
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