Private Social Security

Private Accounts?!?! And the current Social Security System. Around 2018 the current S.S. System will start paying out more than it brings in. By about 2052, the Social Security System will not be able to pay out full 100% benefits to it's recipients, but will be able to sustain about 80% payouts for many years after that. But the current government wants to create private social security has many problems. The first and most obvious is the risk involved. Even though President Bush is saying that you will only be able to put the extra money in "approved" stock and bonds, the truth is the is NO safe stock or bond to invest in and there is always risk of losing money. When a person retires and there stock is down, they will not have as much as they had been planning on having. And when there medical expenses out pace there income, who will pay for the expenses? The American tax payers. Second, the change to private accounts could top a total transition cost of over 2 trillion dollars!!! With huge deficits already, can we afford to have more debt?!?! Third, the poor would also have a hard time with this proposed system. With the many people looking at only social security as there retirement money, and if they lose the private money invested, they would effectively have NO money to retire on. And finally, many groups have many other reasons that the private accounts would provide disastrous. Some of these groups that have expressed opposition to private accounts includes the civil rights group the NAACP and the retirement group the AARP. Both groups are highly respected and only have the best intentions for all the people that they include. No matter your political standing, you cannot support a system that doesnt even use common sence. Just think about it.

(Update: http://www.thereisnocrisis.com/ no longer exists in respect to Social Security reform)