Social Security
A little over 60 years ago the nation struggled through what was, up to then, the most dramatic crisis since the Civil War. The economy was uprooted after the crash of the stock market and the country's financial stability destroyed. One of the many steps taken to alleviate the burden on the American people was that of the passing of Social Security Act of 1935 and its amendments by Congress and the President, Franklin D. Roosevelt. Under the provisions of the Act, the government would take on the responsibility of taxing the income of all working Americans and returning the money through numerous public benefits and programs. Now the nation faces an economic and political problem with the program instituted to earnestly help the people. In the first half of the next century the government will face the task of paying benefits to a large generation with funds it will not have. This year Social Security assistance accounts for over 20% of the federal budget and will make up even more for the years to follow. Almost all political sides agree that Social Security must be reformed in some way before the baby-boomer generation begins to retire and collect. Social Security benefits refer to all those measu
This simple solution also has been thwarted by political apprehension. Neither the Executive nor the Legislative Branches of the government are anywhere near willing to make a move like raising taxes and/or lowering benefits because of this. The most controversial and popular proposition offered has been that of privatization of some parts of the social security system. The baby-boomer issue is not the only problem facing the future of the budget regarding Social Security. The next practical solution is seen as the very risky, at least to politicians hoping for reelection. To ensure solvency for another 75 years Congress would have to choose now to privatize, raise "the 12. The other 50% would finance basic government benefits for all retirees. 0 trillion dollars if put on the market within a few years. For a number of these characteristics and future issues, the Social Security System must be reformed or completely abolished to meet the needs of tomorrow. Under the boldest plan, proposed by the Clinton Administration's Advisory Council on Social Security, exactly 50% of the retirement fund would be "replaced with mandatory personal security accounts", which would be invested in stocks or bonds (McNamee). Questions arise as to how the government could do this without taking over the market and the consequences if there were a crash. This would ensure that the government would have a surplus of funds for entitlement expenditures.
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