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Should Social Security be Privatized Many people dont understand how the Social Security system reallyworks There are no separate Social Security accounts set up for eachtaxpayer to which he contributes his Social Security tax each year Manypeople believe these accounts exist that the money they pay into theiraccounts grows each year until retirement and when they retire they getback what they paid in with interest This is not true Most people areunaware of the fact that our current Social Security system is apay-as-you-go program which means that the revenue the federalgovernment raises each tax year for Social Security benefits is paid out Many economists believe that our Social Security system is in need of amajor overhaul if todays workers are to receive future benefits Thomas R Saving Director of the Private Enterprise Research Center atTexas AM University says What is wrong is that the Social Securitysystem was never set up to be a sound investment-based retirement system Karl Borden professor of financial economics at the University ofNebraska recently wrote Social Security is an unfunded pay-as-you-gosystem fundamentally flawed and analogous in design to illegal pyramidschemes Government accounting creates the illusion of a trust fund butin fact excess receipts are spent immediately Robert M Ball former commissioner of Social Security said Some ofthe trust fund money should be put into the stock market I want to do itto get a better return for the Social Security system Historicallylong-term government bonds have had a real return after inflation of 23percent a year compared with 63 percent for stocks Paul W Boltz economist for the T Rowe Price mutual fund said Whenwe examine the pending financial crisis of our Social Security system wefind in effect the characteristics of a government sponsored Ponzi-type Michael H Cosgrove of the Dallas-based newsletter The Econoclastsays People need to take the responsibility of investing their own fundsfor their retirement The Social Security system assumes people cant makethat
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