The social security system was originally set up in 1935 to fight poverty. It is mostly known for supporting senior citizens but it also supports disabled workers, spouses and families of deceased workers, and children. The social security system is ran off of dollars taken out of current workers' paychecks. As you contribute to the fund during your working years, you receive a certain percentage of your contributions in return during your years of need, usually once you retire. Since 1983, more than enough dollars was being collected for the fund. But recently, we have way more senior citizens retiring and applying for social security benefits than we do young people entering the workforce. It is predicted that by 2017 the program will no longer be able to pull its own weight like it used to. In order for the social security system to be able to provide full benefits for everyone that is eligible through the year 2041 the government will have to repay the money it borrowed from the social security program. And after the government has repayed the system it will be able to function properly again, but only off of dollars collected through payroll taxes. So, it will still only be able to provide 60-80% of its promised benefits to its eligible people. Because of the predicted upcoming crisis, President Bush proposed allowing Americans to divert their Social Security payroll contributions to private investment accounts, but this idea was rejected by many legislators. Other people believe that with the social security system going bankrupt, that those who depend on it should be cut to a minimum. Meaning, that the system was originally put in place to keep those in need out of poverty, but has now evolved into a national retirement program. Other people feel that the social security system is strong as it is and that its people who depend on it such as many retirees, should not be cut of their benefits. They believe that the system is a good one in that you get out of it what you put into it.
I believe that the social security system is a good idea in that you get out of it what you put in to it, supposedly. But what I see happening to our generation is that we put in to it for our grandparents, but that the system won't be there for us once we hit the age of retirement. So, I have mixed feelings about dropping my chunk of change into the fund because I may never see it again. It may never come back to me like it is now coming back to all the baby boomers of our country. And because of that reason I support the plan that former President Bush proposed. I think it would be a good plan to have private investment accounts for social security. That way you are getting out of it what you put into it for sure. There's no question as to whether or not you are going to be left with nothing, you will have something. But then it leads me to think that if we are going to make social security a private investment, then it should the peoples' choice as to whether or not they want that money taken out of their check each week for their own personal social security, or if they would rather just not set up an account like that. So I think if they are going to continue to hit our paychecks weekly for social security, we should have some sort of gaurantee that it will be there for us in our old age. And even though the system was not originally intended to become a national retirement program, it works well to serve as one. But I will not be one to support the social security system unless I am gauranteed the fact that there will be a decent chunk of what I put into it for me in return later in life. I believe that it is only fair that way.
Former President Bush's thoughts and ideas on social security when he was in office.
Issue #1: War Dollars http://backstroker321.blogspot.com/
Issue #2: Spending What We Can Afford http://heathersanchez.blogspot.com/
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