Social Security has been a hot topic of debate for the past several years. There have been many ideas and proposals from both democratic and republican parties on how to reform the current Social Security program. So what is wrong with the current Social Security program one might ask? There are several problems with the system at the current state. Today's longer life expectancies, lower birthrate and the forthcoming retirement of baby boomers will reduce the ratio of wage-earners to Social Security recipients until the program cannot pay all its promised benefits. In the article, "Social Security Time Bomb, and the Candidates Aren't Talking" by Michael Turner, he explains that in 2018, the first year that Social Security will run a cash deficit, that shortfall will be approximately sixteen billion dollars. Taxes would have to increase dramatically from then on out to acquire the proper revenues for the government to fund the system. The deficit will continue to increase yearly after 2018. According to projections, the system will become bankrupt in 2037, so something must be done soon. More problems with the Social Security system as stated in the article include a poor and declining rate of return for younger workers; issues of fairness for minorities and working women; the impact on wealth creation and the lack of legal ownership and control over one's benefits (Tanner).
             President George W. Bush believes that the Social Security issue is a crisis in the U.S. and needs reform immediately before it is too late. Bush's proposal of reform for the Social Security program is a shift to private accounts. He suggests switching at least a small part of the program from its established pay-as-you-go, defined nature into millions of small private accounts through which workers could invest in stocks and bonds, therefore giving workers access to the higher rates of return that have been enjoy ove...