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Example research essay topic: Privatizing Social Security Hard Earned Money - 1,607 words

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... er. More and more people in the United States are starting to invest their money in the stock market, mutual funds, savings accounts, bonds, etc. They feel that they are smart enough to take care of their own investments and do not need the government to take care of them like children. They also do not feel comfortable with living on Social Security when it comes time to retire. James K.

Glassman from US News & World Report writes about how the governments help is not need for people whom now how to invest their money for retirement. Currently Social Security returns an average of 1 to 2 percent, so this is why people feel they can do better investing themselves and do. He feels that the problem with the system is that it has always forced American workers in to anteing their hard-earned money so that we could someday get back what we pay in. However, today it is a lot less money than what people pay in (29). Glassman illustrates The Cato Institute calculates that a low-wage ($ 12, 600 a year) worker born in 1950 will receive $ 631 a month in current dollars from Social Security at retirement. But if the retirement portion of payroll taxes went instead into stock, the worker would have an annuity yielding $ 2, 490 a month (50).

If most people knew this they most likely would not want to count on the government to invest their hard-earned money for only $ 631 a month. Glassman also points out the risks involved with the stock market. Because some people are not well educated in the stock market or because it can be a bit confusing to understand, people tend to be a little reluctant to invest their money. But investing long-term in the stock market is almost no risk at all. According to Glassman, Since 1926, according to Ibbotson Associates of Chicago, stock returns have been negative in 20 out of 71 years (50). Glassman also raises a good question on whether Americans, given the opportunity to put down a percentage of their salaries into private pension plans instead, can they invest wisely?

He states that The Chileans do; the British Do... Americans are prudent enough and smart enough to handle their own investments. At any rate, even if they goof badly, theyll still likely do better than Social Security (50). Some might argue that women should be concerned about privatizing Social Security.

The reason for this is because most working women in the world are still a minority and this means that they will be paid less than the working man will. This is a fact, however upsetting this is or however unfair it is; it is none the less true. John Williamson in his articles Should Women Support the Privatization of Social Security? he discusses whether or not women should support the privatizing of Social Security.

He suggests that women should be concerned. The only women that most likely would not have concern are those that have high paying jobs. But in most case women do not have high paying jobs and therefore will have to rely on Social Security when they reach retirement. He feels since privatizing Social Security involves investing money primarily into the stock market; low paid women can not afford to take the risk. Williamson suggests middle-and low-income women are much more dependent on Social Security because they are less healthy and can not work like upper class women. He states that More affluent women can more easily delay retirement a few years if need be in response to a dramatic drop in stock or bond markets.

They tend to be in better health and have jobs that are physically less demanding than those held by others (97). Williamson's argument does not hold water. What he is suggesting is that Social Security is needed to care for the countrys financially unstable women. Does he mean to say that the financially unstable men are smarter and more capable in investing their money wisely? Women are just as smart as men are whether they are rich or poor, healthy or unhealthy.

Williamson should realize that women are more involved in the working world and can do just as well as men when investing. Women need to be aware that they could do a lot better if they were to take their money and invest it in stocks, money markets, etc. and that they would be a lot better off then depending on Social Security. This is the kind of thing that will help women succeed in the business world.

If women in other countries can accomplish this, then so can American women. Privatizing is working in other countries and is working very well. There are more than two dozen countries in South America, Europe and Asia that have adopted to, or are in the processes of adopting, the Chilean-style system of privatizing Social Security. Even Socialist Sweden is going in that direction. They are going in this direction because they know that it works. It works so well in Britain that they are the most financially comfortable retirees in the world.

The article Private Security suggests that if Britain can make it work then America should be able to make it work. In 1988 Margaret Thatcher allowed British workers the option of paying a percentage of the earnings into private investments. Today this amount is up to 5 percent of their earnings and more than 70 percent of the workers are enrolled in this plan. Because of this, privately funded pensions in the United Kingdom are better than the government-funded pensions (20). There was also a generous tax relief that promoted private pension savings in Britain.

In addition the capital gains built up in private pensions are tax-free. British workers enrolled in the private plans do more than twice as well as those in the government pension plans. During the 1980 s the British private pension plan average return was 9 percent and continues to improve. The British personal savings rate of 11. 5 percent is roughly twice that of the United States. The bottom line is, if Britain can do it so can America. Another country that has recognized the need to fix Social Security is France.

In the article by Alexander Dorozynski French Plan to Bail Out Social Security System he discusses that the French are attempting to rescue the failing Social Security program system. They are planing to tax the middle and upper class families. The families will have to pay higher contributions in to the system and their savings accounts, insurance, and capital gains will be taxed in order to receive more revenues from Social Security. If the United States is not careful this could happen and Americans will not tolerate this (763). Social Security is definitely in a crisis and that word is not used lightly. Americans should be concerned with this because it means the future for their children, their grandchildren and their great grandchildren.

If the United States does not act fast and fix the problem with Social Security by allowing the retirement portion of Social Security to be privatized then the program will surely be broke by the middle of the next century. This should be a major concern for most Americans. The program is also unfair, most people are unaware of this because they do not realize or even care to realize exactly how the money is distributed or redistributed among the retired workers. If they did know they would most likely would want to change the system.

Social Security is outdated and is ready for a change. Private Security or allowing workers to invest their earnings themselves is better for everyone. Women should not be afraid to invest in the stock market and are quite cable of making a wise decision just as a man is capable of making a wise decision. Private security is working throughout the world and can work in America too. The government must give the people a chance to make decision on their own. The government will not be surprised by the result; Guaranteed!

Bibliography: Borden, Karl. Social Security Privatization. web > April 22, 1998. Bottles, Gary.

Social Security s Long-term budget outlook. National Tax Journal 50. 3 (1997) 399 +. CD-ROM. EBSCOhost: Academic Search FT Select Disc 1. 1997. Church, George J. Robin Hood in Reverse Time 150. 7 (1997) 24 +.

CD-ROM. EBSCOhost: Academic Search FT Select Disc 1. 1997. Dorozynski, Alexander. French Plan to Bail Out Social Security System.

BMJ: British Medical Journal 315. 7111 (1997) 763. CD-ROM. EBSCOhost: Academic Search FT Select Disc 1. 1997. Glassman, James K. Do-it-yourself Social Security.

US News & World Report 123. 13 (1997) 50. CD-ROM. EBSCOhost: Academic Search FT Select Disc 1. 1997 Kotlikoff, Laurence J. Its High Time to Privatize. Booking Review 15. 3 (1997) 16 +. CD-ROM.

EBSCOhost: Academic Search FT Select Disc 1. 1997. Martin, James L. Personalizing Social Security. Vital Speeches 64. 1 (1997) 29. CD-ROM. EBSCOhost: Academic Search FT Select Disc 1. (1997).

Mashaw Jerry L. and Major, Theodore R. The Great Social Security Scare. web > 22 Apr. 1997. Private Security.

National Review 49. 20 (1997) 20 +. CD-ROM. EBSCOhost: Academic Search FT Select Disc 1. 1997. Social Security History.

web > 22 Apr. 1997. Social Security: The Funding Crisis. Social Security and Retirement. Ed. Robert S. Mudge.

Washington: Congressional Quarterly Inc, 1983. 7 - 27. Williamson, John. Should Women Support the Privatization of Social Security? . Challenge 40. 4 (1997) 97 +.

CD-ROM. EBSCOhost: Academic Search FT Select Disc 1. 1997.


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Research essay sample on Privatizing Social Security Hard Earned Money

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