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Should Social Security be Privatized?
Should Social Security Be Privatized?
Many people don't understand how the Social Security system really works. There are no separate Social Security 'accounts' set up for each taxpayer to which he contributes his Social Security 'tax' each year. Many people believe these accounts exist, that the money they pay into their accounts grows each year until retirement, and when they retire they get back what they paid in with interest. 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 fe…
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