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Word Count: 968
Ever since the Great Depression Americans have been contributing in some way to a Social Security Account President Roosevelt and his committees drafted the Social Security Act of 1934 The Social Security identification cards began being issued in 1937 Corbett Much has changed since the times of President Roosevelt America has moved into the post-industrial technological age with less physical jobs for the women and men Steuerle 122 Social Security however remains similar Recently talks of reforming our nations Social Security policies have been a main issue One of the proposed solutions is a privatized Social Security account option that would be available for the new young adults entering the work force Individuals would then invest the money into different investment options at their discretion The mere option of having options is a good idea for American Social Security and privatization is the best option Social Security benefits are currently the largest spending program of the American Government Nearly 22 percent of all federal spending goes towards Social Security If privatized accounts were introduced the government would have to put less attention on the balancing of Social Security accounts and focus on more pertinent issues In 2018 just 14 years from now the Social Security system will begin to run a deficit says the Social Securities board of trustees FAQ on A deficit means that the government will spend more on Social Security than it is collecting for Social Security This frightening statistic will force lawmakers to make a tough decision Higher taxes or lower benefits are the only solution to this problem without reforming the policies The rate of return on payroll taxes is pitiful The current rate is around 2 percent and that rate is expected to decline With a privatized account even the most cautious investor could invest in government bonds which usually return around 3 or 4 percent Some critics of privatized social security say that many people are afraid
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