President Bush's Social Security Proposal Term Paper

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It becomes more and more likely that by the middle of this century, all those hard-earned dollars that today's twenty- and thirty-year-olds have paid into Social Security will simply not be there.

Privatizing social security ensures the post-baby boomers that their money will be there for them when they retire. It takes the control out of the government's hands, which has notoriously not been the best financial advisor in history, and places in the hands of the individuals who earned it. In addition, eventually, it will reduce the expenses of the Social Security Administration as more and more workers no longer have to rely on the system. In addition, it puts money into the U.S. economy, not sitting stagnant in the U.S. treasury.

Disadvantages of President Bush's Plan:

Both Raspberry (2005) and Weisman and White (2005) see one major flaw in the President's plan. The future scenarios that lead to the utter ruin of the Social Security System also historically correlates with a poor return on private investments as well, which would endanger privatized Social Security accounts.

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Some believe that "strong stock market returns of the past 20 years were an anomaly driven by a confluence of low inflation and low interest rates that is not likely to repeat" (Weisman & White, 2005).

Couple this challenge with the fact that a swelling number of retirees will equate to selling of financial holdings to raise cash, en masse. This is likely to lead to a glut in the stocks and bonds market, leading to lower prices across the board. it's "the great depreciation scenario," otherwise as "asset meltdown hypothesis" that could lead to the bottom following out of the privatized accounts, leaving younger workers no better than they are now (Weisman & White, 2005)......

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"President Bush's Social Security Proposal" (2005, February 23) Retrieved May 18, 2024, from
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"President Bush's Social Security Proposal" 23 February 2005. Web.18 May. 2024. <
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"President Bush's Social Security Proposal", 23 February 2005, Accessed.18 May. 2024,
https://www.aceyourpaper.com/essays/president-bush-social-security-proposal-62522
   

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