Hannah Boulanger
Ms. Duquette
November 14, 2010
Period 3 Rotation B
Issue Essay
Social Security Reform
To privatize, or not to privatize? That is the essential question. Since its creation from virtually nothing in 1935, social security has been an important issue discussed by both Republicans and Democrats alike (SSA, 1). Recently it has become an increasingly popular discussion. With a large number of “Baby-Boomers” hitting the age of retirement, the fears of the future of Social Security are being questioned. What will happen to the workers that pay for it today? Will there be anything left? Republicans and Democrats have both expressed their views on the matter.
Many Republicans, including President Bush, believe in a Social Security system that utilizes privatization. In their views, partial privatization of full privatization would be ideal for the system. The option to voluntarily have the chose of what plan to have is ideal for many. Under this plan, workers would have the option to secure a portion of their payroll tax and set it aside in a savings account that is solely for them (Bernstein, Paragraph 4). Bush’s 2001 Commission to Strengthen Social Security called for partial privatization. It would allow workers to “maintain voluntary personal accounts [that would] augment Social Security” (CSSS, 2). It would also prevent the money within the Social Security Administration funds from being invested into stocks of companies. Republicans’ belief of minimal government intervention could also play a role in their view of how social security should be run. By privatizing social security they would be able to get the government out of our private lives even more.
Democrats feel the exact opposite about the issue as Republicans do (no surprise with that one). They believe that privatization should not even be an option that is considered. They feel as though social security should remain how it is, under government control. By privatizing it, they fear that the current benefits received by retirees could experience substantial reductions. They also fear that the funds would not be put into the US
Both parties have made it clear that people currently receiving the benefits or those that will in the near future have nothing to worry about, it’s only the future generations that do. Also, while the differences between the views of Democrats and Republicans are completely different, compromise will certainly have to be made when it comes time to decide. The main issue is a result of either party’s view on the amount of government that should be present. Whether Social Security becomes privatized or not, or an alternative is enacted to make a significant difference, something needs to be done. Until it is changed, Republicans and Democrats will have to figure out some way to acquire bipartisan agreement.
