Social Security was founded in 1935 to help fight poverty during the Great Depression. However, it now serves more than 47 million people. Two thirds of those people are retirees while the other third are disabled workers. Social Security, as well as Medicare, are programs that are suffering right now due to aging population of Americans. The programs are having to provide for more people than ever before. Not to mention the government has also been taking money from the Social Security Trust Fund to pay for other programs. With these issues, it is estimated that by 2017 the government will be paying out more in Social Security benefits than it is taking in. Medicare is already spending more than it has and the fund it relies on will be exhausted in 2019. There are two arguements about the current situation of the Social Security Program. One side believes that the Social Security Program needs a complete overhaul. This could include private investment accounts or cutting benefits to Americans that are in true need. In 2005 President Bush proposed a plan that would have allowed Social Security payroll contributions to private accounts. However, the plan was rejected. Many members of Congress believe that the program can be fixed with small changes over time. Raising the cap on taxable Social Security income and raising the retirement age gradually are just two examples.
I believe that Social Security needs to be reformed soon, otherwise this program will be no more. This program is important and for many retirees their main source of income. Without it, it will be very difficult for many seniors to meet their basic needs. Also, the coming generations, as well as the current working generations, need this program to still be around when they retire. Not to mention, the issue that many Americans, like myself, are facing is that they are paying into a program that they may never get benefits from. The government also needs to stop taking money from the fund to use for other things. 
Something needs to be done to fix the deficit of the Social Security Program now, not later. I don't think that merely raising the retirement age or income cap is enough. Yes, that might help but I feel that it will simply put off the problem for a few years. Like John McCain, I feel that right now a plausible solution would also have to include private investment accounts. Instead of current workers paying into a big pool and then having the money dished out to current retirees, the money from both the worker's and employer's Social Security tax contributions would be put into an account for that one person. The money could then be used to invest in stocks and bonds. A great thing about this is that many Americans would get more money from the investment returns than they would with the current payouts of Social Security benefits. Also, this would help ease the fears of younger workers not getting anything from the program. In fact, many workers would probably be more willing to pay the Social Security tax knowing that the tax money would actually benefit them, not just the older generations or government officials. McCain also feels that Republicans and Democrats need to start working together to agree on a Social Security Reform. I agree, both parties need to make compromises and fix the program so it will still be around for upcoming generations of Americans.
Something needs to be done to fix the deficit of the Social Security Program now, not later. I don't think that merely raising the retirement age or income cap is enough. Yes, that might help but I feel that it will simply put off the problem for a few years. Like John McCain, I feel that right now a plausible solution would also have to include private investment accounts. Instead of current workers paying into a big pool and then having the money dished out to current retirees, the money from both the worker's and employer's Social Security tax contributions would be put into an account for that one person. The money could then be used to invest in stocks and bonds. A great thing about this is that many Americans would get more money from the investment returns than they would with the current payouts of Social Security benefits. Also, this would help ease the fears of younger workers not getting anything from the program. In fact, many workers would probably be more willing to pay the Social Security tax knowing that the tax money would actually benefit them, not just the older generations or government officials. McCain also feels that Republicans and Democrats need to start working together to agree on a Social Security Reform. I agree, both parties need to make compromises and fix the program so it will still be around for upcoming generations of Americans. Also, be sure to check out a few of the other issues with the Federal Budget:
