The current social security system should be replaced by a mandatory private pension system
The social security system in the United States has been a heated debate on whether it should be replaced with a compulsory private pension system or not. After the age of 65, most people depend on their savings for survival. There are many plans today for saving after retirement, and social security fund is a good example. This article will explore why a mandatory private pension system should replace the current social security system.
According to (Burtless n.p) Social security should be privatized because the return on investment with the private system is much higher than with the social security. The main reason being that with the private network, the worker’s funds get invested in the private sector such as shares and stocks in companies which generate more revenue. Also, with the private pension system, it will increase on the national saving as the government spending and workforce will get cut. The current social security system has a high budget as more employees get required in these government offices with the increasing population of people who need the security systems. With private pension systems, everything is handled by the private sector hence relieving the government task force.According to Horlick (18), many European countries, such as such as Sweden, the Netherlands, UK, and Switzerland have mandated the p…
Free Select one of the following major propositions (theses). Essay Sample, Download Now
Order Original Essay on the Similar TopicGet an original paper on the same topic
from $10 per-page