Should We Have Social Security: Pro vs. Con
There are certainly both pros and cons to the ideas of privatization and to scrap Social Security, and undoubtedly there would be both winners and losers with this change. However, it is important that discussions about the advantages and disadvantages are debated openly in the public so that all Americans are accurately informed about what actions are possible and that they will be resolved soon rather than too late.
The US Social Security program is intended to provide a safety net protecting American workers and their families in the event of retirement, disability, and early death. This idea to look after its citizens is a socialist perspective, but a humane way to treat the most needy, vulnerable and arguably the most deserving. I do not believe that we should eliminate the Social Security system and I am against privatizing the system into individual 401k retirement plans.
There are several factors that will contribute to the predicted downfall of Social Security. Firstly, there are a huge number of baby boomers retiring, cashing in on retirement benefits, but who also affect the income tax revenue. Secondly, people are living longer and the need for Medicare will increase. Thirdly, there is an increase in disability and death insurance payouts. The looming financial decline of Social Security has been significant in the political debate since 2000, when Bush tried to propose the idea of privatization, but it was declined (Social Security, 2005).
Both parties are treading on water before making definitive decisions that will offer the best solutions because they don’t want their parties scrutinized and blamed for changes that will negatively affect the American people. Washington and the media are trying to scare monger the American public about the future of Social Security. They would have you believe that Social Security is driving our nation further into debt, and forcing...