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Regarding the Future of Social Security Rumor has it that Social Security is bound to go bust under the strain of baby boomers' retirement. But how sound are the arguments for radical reform?One of the hottest topics in U.S. politics over the last six or twelve months has been the future of Social Security, and how demographic trends are going to jeopardize it. Specifically, it's said the aging of the 78-million strong baby boomer generation will break the back of a Treasury set to go bust as soon as they retire. Advocates of radical reform have convinced a significant portion of voters that privatization is the only way Social Security can go forward. But how reliable are the arguments in favor of overhauling the system?Advocates of reform say that Social Security privatization means creating an "ownership society" that gives workers greater control over their savings, investments and future. But another school of thought says that private investments will stymie the fund and defeat its chief purpose: to serve as a safety net for mature citizens. Transition costs associated with a major overhaul could be enormous - as much as $3 trillion, some say. Worse, the extent to which these costs would exacerbate the national debt means any increased returns from privately-held accounts would fall victim to a damaged economy. At any one time there is money being paid into Social Security and benefits are being paid out. Diverting funds into private accounts means there will be less money available to recipients who need it, say privatization opponents. In such event, the government will be forced to slash benefits, raise taxes, or let the program expire. In other words, they say, privatization will spell the end ofSocial Security, whereas smaller reforms could see it through lean times, or at least prolong the program for another couple of decades before reserves run dry. These opponents include the American Association of Retired Persons, which currently represents over 35 million people 50+ and champions the interests of mature people, present and future. Whether Americans want more control over their retirement investments, many passionately feel that the government owes its workers the protection non-privatized Social Security affords. Back To Mature Market News → Go To The GenerationTarget.com Mature Market Bookstore → |
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