The Privatization of Social Security :: privatization social security people don understand system really works separate accounts set up each taxpayer he contributes year believe exist money grows until retirement get back paid interest true most unaware fact current pay you go program means revenue federal government raises benefits same beneficiaries economists need major overhaul today Social Security Privacy Retirement Essays The Privatization of Social Security

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The Privatization of Social Security

Many people don?t understand how the Social Security system really
works. There are no separate Social Security "accounts" set up for each
taxpayer to which he contributes his Social Security "tax" each year. Many
people believe these accounts exist, that the money they pay into their
accounts grows each year until retirement, and when they retire they get
back what they paid in with interest. This is not true. Most people are
unaware of the fact that our current Social Security system is a
"pay-as-you-go" program, which means that the revenue the federal
government raises each tax year for Social Security benefits is paid out
that same year to beneficiaries.

Many economists believe that our Social Security system is in need of a
major overhaul if today's workers are to receive future benefits.

Thomas R. Saving, Director of the Private Enterprise Research Center at
Texas A&M University says, "What is wrong is that the Social Security
system was never set up to be a sound investment-based retirement system."

Karl Borden, professor of financial economics at the University of
Nebraska recently wrote, "Social Security is an unfunded pay-as-you-go
system, fundamentally flawed and analogous in design to illegal pyramid
schemes. Government accounting creates the illusion of a trust fund, but,
in fact, excess receipts are spent immediately."

Robert M. Ball, former commissioner of Social Security sai... [to view the full essay now, purchase below]

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