Should Social Security Be Abolished?
Some Americans believe that Social Security is socialism and is inherently bad. Others believe there is a crisis – that Social Security is flawed and can not be fixed. Still others believe they should have the freedom to manage their own personal savings out in the free market. Should Social Security be abolished? Examine these beliefs in light of some basic facts and decide for yourself.
Abolish Social Security, Because It Is Bad?
Social Security provides a basic standard of living for elderly and disabled Americans, and most retirees rely on it for over half their income. It provides a safety net for a large and growing segment of the population that is most vulnerable during periods of recession, and there is evidence that increased Social Security expenditures reduce poverty. Not surprisingly, polls indicate broad public support for the program.
Abolish Social Security, Because There Is A Crisis?
The Social Security trust fund is currently solvent and will continue to grow over the next decade. By current estimates, it will remain solvent through mid-century. At that time, surpluses in the fund will be exhausted, and the system will have to be managed on a pay as you go basis as it was prior to 1983. The system has responded well to constructive change in the past, so it can be improved and managed over the long term given the political will and continued public support.
Abolish Social Security, Because Americans Should Manage Their Own Retirement Savings?
Most Americans, through no fault of their own, lack the required expertise or financial resources to make sound long term investments. The crash of 2008 revealed the complexities and pitfalls of investing in deregulated markets, while continuing wage stagnation among American workers eliminates personal savings that would otherwise be available for long term investment.
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