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Chris Cunia
AP Language
Mrs.Holland
Abstracts

Social Security Should Be Abolished


Vance, Laurence M. Social Security Should Be Abolished. Opposing Viewpoints: The Aging
Population (2014) Web. 6 April 2015.

Synthesis Question: Should Social Security Be Privatized

Abstract
In 2001 the President's Commission to Strengthen Social Security was formed. This
commission issued a report that issued three reforms to be made to social security that would
enable people to put portions of their social security taxes into personal retirement accounts.
People have begun to understand that as the birthrate continues to decrease there will be fewer
workers to pay into the security system which will deplete the trust fund as life expectancy
increases and more retirees draw their money. It is this realization that has made people want to
argue to privatize social security money so that people can manage their money how they wish.
Its also evident that the current social security system is flawed. According to economist Walter
Williams, a man around the age of 65 in the year 2000 is expected to receive $71,000 more in
government transfer payments than he paid in taxes. A twenty year old man who entered the

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workforce in the year 2000 however, can expect to pay $312,000 more in taxes than he will ever
receive in benefits.

Social Security Should Be Replaced with a


Mandatory Private System
Browning, Edward K. Social Security Should Be Replaced with a Mandatory Private System.
Opposing Viewpoints: Social Security (2010). Web. 6 April 2015.
Synthesis Question: Should Social Security Be privatized
abstract
Most politicians will argue that social security is essential as it serves as a safety net for
people who are too short sighted to know how to manage their money for retirement. They also
argue people will not save money expecting that society will help them with welfare systems in
place. Social Security is justified with the fact that redistribution is needed between high income
retirees to low income retirees. A solution to this would be that it is definitely possible for
someone who has reached the 65 year old retirement age and continue to work into their
seventies. It is also possible to tax the wealthy elderly more than the poor and redistribute money
in this way. This pay as you go system that social security uses is horrible in the sense that you it
benefits the current people retiring at the expense of the later generations. It is evident that social
security affects poverty in the elderly as it increases poverty by reducing how much they bring in
as saving and it reduces poverty by providing the government pension. The government should
get rid of social security and replace it with a mandatory private system.

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Social Security Does Not Have Serious


Financial Problems
Quinn, Jane Bryant. Social Security Does Not Have Serious Financial Problems. Opposing
Viewpoints: Social Security (2014). Web. 6 April 2015

Synthesis Question: Should Social Security Be Privatized


Abstract
Social Security was attacked back in the 1990s and now it is once again under attack.
Back then the idea of privatization wasnt being supported by the general public but now it
people are beginning to support it. Jane Bryant Quinn is a personal finance expert and he has
debunked 5 myths about social security.
Myth 1: Social security is going bankrupt. It is not going bankrupt as signs show that even if the
program makes no changes and the program uses up its entire surplus money would keep coming
in. Study shows that at the current rate payroll taxes would cover 77 percent of all the future
benefits promised.
Myth 2: People would be better off keeping their social security taxes and investing it. This is not
true as people do not truly realize how much they would have to faithfully put away to match the
benefits of social security.

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Myth 3: You should get back what you put into social security. This is not true as you are paying
for earlier retirees while the current workers pay for you when you retire.
Myth 4: Social Security only helps the elderly and not the young. This is not true as social
security provides income support to qualified widows and widowers with young children, as well
as orphans.

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Private Retirement Accounts Would


Produce Much Higher Returns than Social
Security
Shipman, William G. Private Retirement Account Would Produce Much Higher Returns than
Social Security. Opposing Viewpoints: Social Security (2013). Web. 6 April 2015

Synthesis Question: Should Social Security Be Privatized


Abstract
People argue that most citizens do not know how to correctly manage their money. Even
President Obama has stated that people would be putting their money into the hands of Wall
Street Traders where they can easily lose all of their money as evident by the market crash in
2009. However with privatization people have the opportunity to either invest the money or
continue to use the social security system. Contrary to what the president said even bad
investments that lost people some money in 2009 would still net them a return higher than what
social security offers. A man that entered the workforce in the 60s for example could invested all
of his money in stocks and decided to take it all out when he retired in 2010. This would be one
year after one the worst market performances but even after this loss he would gain 75 percent
more social security would have given this man.

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A battle progressives can win: Bush's


privatization splinters Republicans and
unites Democrats
Hickey, Roger. A Battle Progressives Can Win Opposing Viewpoints: The American Prospect,
February (2005). Web. 6 April 2015
Synthesis Question: Should Social Security Be Privatized
Abstract
Talk to privatize social security has been serious since 2004 during Bushs second term.
He stated that his number one priority was to allow partial privatization of social security.
Meaning that alongside social security people would be allowed to invest some of their social
security taxes into the stock market. This was Bushs goal but many argue against it. People
believe that making cuts into social security and investing those cuts into the stock market would
be very risky. Most politicians argue against privatization, stating that it is too dangerous
especially since this idea first came from a man that added 2 trillion to national debt in under 10
years. People argue that social security going bankrupt is a mythical claim. Why take such a
risk of cutting into guaranteed benefits and money for a plan that is not guaranteed and very
risky. People are stating on the internet Dont you dare privatize social security showing that if
the general public is against this idea it would never work out. It may seem fine that optional
individual ownership means individual risk, but social security is in place to make sure no one
retires with no money.

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http://www.hermes-press.com/sss1.htm

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