A Significant Change in Social Security

Republicans make out, therefore, that the organization is unfair and unmanageable. First, they observe that the system is misleading to workers because it promises retirement benefits that it may not be able to deliver (Heritage Foundation, 2004). For example, they point out that Federal moderate Chairman Alan Greenspan recently stated that the system leave be unable to meet its promised distributions to the 77 million members of the baby cop generation who will become eligible for social tribute benefits in the next four years (Associated Press, 2004). Second, Republicans argue that the system is an unfair tax on younger workers, who may knuckle under taxes to support benefits for retirees and then only be eligible for lesser benefits themselves when they retire (Murphy, 1999).

Republicans, therefore, strongly advocate for significant changes in fond Security. In 2001, President Bush advocated for the creation of individual clandestine savings accounts (PSAs) as a supplement to payroll taxes as a means of funding retirement benefits. Essentially, this proposal calls for individuals to wipe out the choice of depositing part of what is now collected from their payroll taxes for the societal Security trust fund into personal accounts that can be managed for retirement savings by private investment companies. Generally, Republicans argue that allowing workers to divert a portion of their payroll taxes into these perso

Shaw, T. & Weller, C. (22 March 2004). Privatization worsens outlook for Medicare and complaisant Security. Center for American Progress. Accessed online 28 March 2004. <"http://www.americanprogress.org/site/pp.asp?c=biJRJ8OVF&b=39258">

Democrats, on the other hand, differ on their fundamental invite of brotherly Security. Generally, Democrats tend to support government-funded programs that provide financial and lifestyle assistance to citizens of limited means. Thus, Democrats often support the concept of a larger government and proportionately higher(prenominal) taxes (than do Republicans) to pay such(prenominal) a government.

They maintain that Republican proposals for private Social Security savings accounts are really nothing more than Republican attempts to systematically reduce the size of the government in favor of privatization of all services. They see such attempts not as a means of improving the quality and efficiency of such services, but rather as a means of change over the profit potential of providing such services to private companies to the impairment and at the expense of lower-income individuals (Shaw & Weller, 2004).

nal and privately-managed accounts will allow for a higher rate of return on such funds and will remove the inequity of having one set of workers fund some other set of workers' retirement.

Currently, Democrats advocate no significant change to Social Security's funding mechanism. Rather, Democratic presidential contender Senator John Kerry (Ma.) advocated ringlet back recent tax cuts for the wealthy as a means of addressing Social Security's funding issues. Kerry believes that America's current deficit using up increases interest rates on America's debt burden, which decreases the money available for Social Security. He and other Democrats strongly oppose any simplification in Social Security benefits (Kerry for President, 2004; Crutsinger, 2004).

On the other hand, the Democrats' leave out of an alternative new proposal ignores the fact that the system
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