Social Security Essay Example | Topics and Well Written Essays - 1750 words - 1

Social Security - Essay Example   Going by the success of his 2004 re-election campaign, President Bush listed Social Security reforms as his primary domestic priority, regarding which he received ample support from many Republican stalwarts (Galston, 2007).   The whole premise behind this advocacy of a partial and systematic privatization of the Social Security Program was that this program was getting way too unwieldy and was poised to get financially unviable in the times to come (Galston, 2007). The annual report submitted by Social Security Board of Trustees in the year 2009 estimated that the program was poised to register a massive shortfall to the amount of US Dollar 15 trillion over a period of 75 years in the times to come (Social Security Administration, 2009).   This gave credence to the claims made by the Republicans that the only way to make Social Security pragmatic and financially viable was to systematically transfer the social security taxes towards the creation of private investment funds, engaging in large scale borrowing by the government to sustain the immediate Social Security liabilities and to plan drastic cuts in the social security aimed at the future retirees, believing that the gains made by the private investment funds will compensate for these cuts.   This proposal was further supported by the statistical evidence pointing towards the fact that the Federal mandatory spending primarily covering Social Security and social insurance entitlements was also soaring every successive year.