Social Security currently extends benefits to about 61.9 million people. In 1935, when it was first

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Social Security currently extends benefits to about 61.9 million people. In 1935, when it was first created, under 225,000 people received benefits. President Franklin D. Roosevelt created the program during the Great Depression. This was during a time period of economic instability and extreme poverty rates. It was created to help reduce the amount of retirees living in poverty. This program significantly helped to keep retirees off the street who lost their retirement fund during the Great Depression. Later, other programs including Medicare and Federal Old-Age, Survivors, and Disability Insurance were introduced. Social Security is currently the largest and most expensive government run program. Each paycheck an employee receives has a…show more content…
Firstly, opponents of Social Security privatization worry there are many risks involved. They worry about risks associated with investing in the stock market.They believe this because investors are not able to accurately predict what the market will do next. According to a researcher at the Cato Institute, a research organization on public policy, Michael Tanner, states there have been many big drops in the stock market over the years. Nobody is certain what it will do next (1). The market could be up one day and down the next like a rollercoaster at an amusement park. Many people do not want to privatize Social Security because investing in the stock market involves many risks, especially if all the money invested is intended to last throughout retirement years. There is no guarantee any money will be made. Many people also have the chance of losing large sums of money. People are FRIGHTENED (sad) they could lose their safety net and have no money left. Some people also believe it could be risky to involve the government with the stock market. A database that specializes in business, political, and government debates believes, if the government were to become involved with the stock market it would “undermine basic free market principle and impair the economy” (“Social Security Reform” 1). Some people are afraid the government would become too involved and control what is PRESUMED (believed) to be a free market. It could corrupt the stock

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