"The Need for Privatization" A paper on the reasons and benefits of the Privatization of Social Security.

The Need for Privatization

Every paycheck 7.65 percent is taken out for a retirement program, after the employer kicks in, a total of 12.4 percent of what you earn goes to the government to fund your retirement. The government system offers minuscule returns by anyone's measure and the system is expected to go bankrupt as soon as 2014. If a private company had these problems, no one would invest. But, this is a mandatory program, Americans have to stay in this system and are forced to invest in its fated future. Social Security is one of the biggest disasters of American history. In a country that was founded on the principles of Capitalism and free markets, this socialist program limits people's pursuit of happiness.

Percent Who Believe Social Security Will Not Be There When They Retire

All under 6560%

Generation X70%

Baby Boomers69%

Social Security is an un-funded pay-as-you-go system.

The idea is fundamentally flawed and follows the design of the famous illegal pyramid schemes. Many people claim that the constitution provides a "social safety net", because the preamble of the constitution states that the government should "promote the general welfare" of the people. The constitution then goes on to list the enumerated powers of the state. Nowhere in the list does it say that the government should provide a retirement of healthcare for the people. If the founding fathers wanted these programs, they would have provided a way to pay for them. The rate of savings in the United States is 26 percent of Gross National Product; the country of Chile saves 30 percent of their GNP. With these two countries saving close to the same amount for their future, you would expect both to have similar results for retirees. The United States' Government run pay-as-you-go system provides meager...