Social Security U6 - Essay Example

Social Security America's en ment programs are facing serious problems. They are becoming unaffordable. As the population ages, and more peoplerequire social security, the costs will skyrocket. America will become bankrupted by its entitlement programs. The obvious conclusion is that something must be done. The only real solution is to require people to privately invest their social security money. This can be done with a number of safeguards to avoid major losses. Every once and awhile there is a big economic downturn such as in 2008.

That makes people stop and say, “This is a dangerous idea!” Nevertheless, it is clear that the stock market has by now recovered all of the money that it lost during the Great Recession. We need to change peoples' attitudes. Instead of telling them they will be set for life, we need to ensure that they are more responsible for their post-retirement income. Social security is not a constitutional right, and it will not even exist if we do not engage in a number of serious reforms as quickly as possible.

If we don't do this as soon as possible, there will be no money left for me or for my children. We will have bankrupted America. All real wealth is generated in the private sector, so it makes sense to turn to the private sector to secure the post-retirement wealth of our seniors. Investing social security money in the stock market can yield major returns and give more control over to our most precious resource: our senior citizens. Brown, Jeffrey R., Jeffrey B. Liebman, and David A. Wise. Social Security Policy in a Changing Environment.

University of Chicago Press, 2009.