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Should Social Security Be Privatized

Essay specific features

 

Issue:

Business

 

Written by:

Jane B

 

Date added:

August 22, 2011

 

Level:

University

 

Grade:

A

 

No of pages / words:

8 / 2001

 

Was viewed:

6463 times

 

Rating of current essay:

 
Essay content:

This is not true. Most people are unaware of the fact that our current Social Security system is a "pay-as-you-go" program, which means that the revenue the federal government raises each tax year for Social Security benefits is paid out that same year to beneficiaries. Many economists believe that our Social Security system is in need of a major overhaul if today's workers are to receive future benefits...
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Saving, Director of the Private Enterprise Research Center at Texas A&M University says, "What is wrong is that the Social Security system was never set up to be a sound investment-based retirement system." Karl Borden, professor of financial economics at the University of Nebraska recently wrote, "Social Security is an unfunded pay-as-you-go system, fundamentally flawed and analogous in design to illegal pyramid schemes...
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