Chris Cunia
AP Language
Mrs.Holland
Abstracts
Abstract
In 2001 the President's Commission to Strengthen Social Security was formed. This
commission issued a report that issued three reforms to be made to social security that would
enable people to put portions of their social security taxes into personal retirement accounts.
People have begun to understand that as the birthrate continues to decrease there will be fewer
workers to pay into the security system which will deplete the trust fund as life expectancy
increases and more retirees draw their money. It is this realization that has made people want to
argue to privatize social security money so that people can manage their money how they wish.
Its also evident that the current social security system is flawed. According to economist Walter
Williams, a man around the age of 65 in the year 2000 is expected to receive $71,000 more in
government transfer payments than he paid in taxes. A twenty year old man who entered the
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workforce in the year 2000 however, can expect to pay $312,000 more in taxes than he will ever
receive in benefits.
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Myth 3: You should get back what you put into social security. This is not true as you are paying
for earlier retirees while the current workers pay for you when you retire.
Myth 4: Social Security only helps the elderly and not the young. This is not true as social
security provides income support to qualified widows and widowers with young children, as well
as orphans.
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http://www.hermes-press.com/sss1.htm
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