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Social Security
“That if anyone is not willing to work, neither should he eat.” (2 Thessalonians 3:10) Social Security should be abolished, and should be replaced by a voluntary insurance system with incentives for individuals to provide for their own financial futures. No one today argues with the statement that the Social Security system has major problems. It is known that sometime around the year 2037, the “cushion” of money in Social Security will be exhausted and it will return to a pay-as-you-go system, where taxed revenues will be used to support recipients of the program directly. It will not mean that Social Security is bankrupt, but it will be susceptible to catastrophic, unforeseen events. On a pay-as-you-go system, all funds are paid out. If there is a mass influx of new claims, or a major event where new benefits will be paid out, there may not be enough tax revenue to cover all the expenses. Any deficit will have to come from other sources such as the General Fund, or some other agency’s budget. Social Security’s main problems are: it is compulsory, it is unfair to younger workers, and it decrea
Approximate Word count = 755
Approximate Pages = 3 (250 words per page double spaced)
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