Social Security

2 Pages 515 Words

Summary of Social Security Articles



The article entitled “The Boomers Queasy Future,” dealt with the fact that social security will be running out soon so government officials are looking for ways to remedy this problem. Because the baby boom generation is so big there is a problem with getting them the necessary social security for when they retire. Interest from the trust funds that support social security will be exhausted by the year 2032.
One way would be to deny the upper-class their right to Medicare. This would free up some government money for such important things as social security. Raising taxes is another way. However, people would not take too kindly to such repercussions. Today the young generations pay for the older generation so that they can retire. One way to remedy this problem is if everyone paid for their own social security.
Another way to solve this inevitable problem is to invest people’s trust funds into the stock market. Another way would be to cut pay roll taxes and put them towards IRA’s or individual retirement accounts. No withdrawals from these accounts could be made until the person reaches 62. However, people do not trust the stock market. The stock market could fluctuate and the other problem is that some people will not be sure what the correct stocks to pick are. People are also strongly opposed to raising the retirement age and cutting benefits such as health care. Nowadays, young people will have to pay for their elder’s retirement as well as pay for their own retirement. Just about the only way to resolve this problem is to establish a Social Security Reserve Board which would invest trust funds into private stocks and bonds.
The second article entitled “Straight Talk on Social Security” also deals with the problems of diminishing retirement funds. President Bush favors the idea of creating personal retirement accounts. Both Democrats and Republicans fav...