Should we privatize social security benefits?
Social Security is a social welfare service concerned with protection against socially recognized conditions, including poverty, old age, disability and unemployment. The system is structured like an insurance scheme, where both employees and employers are imposed to pay Federal Insurance Contributions Act (FICA) tax to fund the system. The current United States Social Security System is a pay-as-you-go program. The revenue that the federal government raises each year for social security benefits is paid out that same year to beneficiaries. Social insurance is an essential feature to guaranty a minimum standard of living to all citizens, but the current system has also some flaws that are indispensable to repair. In 2005 president Bush raised awareness of the critical situation of the United States social security system. “Social Security is sound for today’s seniors and for those nearing retirement, but it needs to be fixed for......

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Title: Should We Privatize Social Security Benefits?
Approximate Word Count: 825
Approximate Pages: 4 (250 words per double-spaced page)

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