My Kinda Night
When was it created?
Social Security was created when Franklin D. Roosevelt signed the Social Security Act on August 14, 1935.
What purpose does it serve?
It provides a social insurance system based on the idea that, if workers pool a portion of their wages, they would be able to protect each other and their families against catastrophic wage loss due to death, disability or retirement.
What are the pros/cons of keeping Social Security a government-sponsored program?
- It gives poor people a better chance to retire wealthy
- It makes up for inevitable benefit cuts that must eventually be made to the system
- The stock market should get an initial bump in value
What are the pros/cons of allowing people to privately invest their Social Security?
- Poor portfolio management could leave some retirees severely short of funds
- Wide stock market price fluctuations could leave large groups of retirees in dire straits if their retirement occurs during a downturn
- There are several less complicated fixes to Social Security available
What is my party's stance on this issue? Why?
It should be a government funded program because if not then many people could take the system for advantage and abuse it. If these people abuse the system then it could hurt everyone else that is also on Social Security.