Many Americans believe the social security program of America needs to be reconfigured. The Bush administration has already made some changes to the system, including private investment accounts. One argument is that the social security system is going bankrupt, and is hurting the economy of the United States. They feel that the system has become the solely the "national retirement program", and is making promises to American citizens- especially retirees-it cannot follow through on. They realize that this is their entitlement, and that if they don't take precautions there's a possibility they won't be able to enjoy that right. The other side of the arguement is that the social security system is still strong and, in fact, has a surplus. According to this arguement, the system could be easily fixed with only a few simple changes. Some of these might include raising the earning cap for social security taxes, and raising the retirement age.
I stand with the former arguement for several reasons. First, it is obvious that the baby-boomers will take up a much larger portion of the social security budget- meaning there will be significantly less for the following generation. This means less financial security. Another reason why I believe the system is in economic trouble is because so many Americans have become solely dependent upon social security to take care of them once they have retired, instead of working to create a solid nest egg to rely on. I believe that America should impose at least small earmarks on products in order to increase the social security budget, thus planning ahead for future generations and avoiding "social insecurity".
Here is an interesting article from CNN about the social security debate:
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