Should the United States Seriously Consider Privatization for Social Security?

Reforming Social Security
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Most countries on the planet, including the United States, have spent a significant amount of their budget on social security. In the case of the United States, for example, a lot of its budgetary allocations as well as the focus of the government, is usually in the handling of social security. The country runs social security as a program, among the most important of all. Under the Social Security Trust, this program has enabled payments to millions of citizens entitled to it. Of late, however, concern has been raised concerning the sustainability of the Trust. This is because it seems to be pumping out more benefits than it receives in return in the form of taxes. Proposals to solve this problem were brought forward, with the most viable of all being the privatization of social security, be it full or partial. Personally, I think privatization of the social security program would be the best option for the stakeholders.
Privatization of the program would be a good idea since it will enable the members to have control over their respective contributions through the utilization of personal accounts. The members would, therefore, have more control over their contributions and hence their longstanding investments. In this manner, it will increase the confidence of workers in the program and in turn increase the contributions that the Trust will therefore receive in the long run.
From the reports of annual trustees, the social security program is likely to be rendered insolvent by the turn of the year 2034(Shabad, 2015). This is because there are an increasingly smaller number of contributions than the beneficiaries, highlighted by the shift in the general ages of reproduction preferences. For example, there is the onset of a lower...