Last updated on: 3/20/2024 | Author: ProCon.org

Should Social Security Be Privatized?

Since 2010, the Social Security trust fund has been paying out more in benefits than it collects in employee taxes, and is projected to run out of money by 2035. One proposal to replace the current government-administered system is the partial privatization of Social Security, which would allow workers to manage their own retirement funds through personal investment accounts. For this question, if the candidate says they want to keep the Social Security program “as is,” we have marked the candidate as “con” privatization. For more on social security privatization, explore the ProCon debate.

PRO (yes)

CON (no)

Con

Joe Biden:

“The Administration is committed to protecting and strengthening Social Security and opposes any attempt to cut Social Security benefits for current or future recipients. The Administration looks forward to working with the Congress to responsibly strengthen Social Security by ensuring that high-income individuals pay their fair share.The Budget also invests in staff, information technology, and other improvements at the Social Security Administration, providing an increase of $1.4 billion, a 10 percent increase, over the 2023 enacted level. These funds would improve customer service at Social Security Administration field offices, State disability determination services, and teleservice centers for retirees, individuals with disabilities, and their families.”

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White House, “FACT SHEET: The President’s Budget for Fiscal Year 2024,” white house.gov, Mar. 9, 2023

Not Clear or Not Found

Robert F. Kennedy, Jr:

No position as of Feb. 28, 2024.

Donald Trump:

“I will always protect Social Security and Medicare for our great seniors.”

“The truth is undeniable, the workers of America have been forced to invest a sixth of our wages into a huge Ponzi scheme…. The solution to the Great Social Security Crisis couldn’t be more obvious: Allow every American to dedicate some portion of their payroll taxes to a personal Social Security account that they could own and invest in stocks and bonds.”

“I don’t like the idea of privatizing Social Security. I think it’s certainly something that could be looked at. I think the Social Security system is in very serious trouble. Obviously, it’s always going to be backed by the country, but I think it’s in very serious trouble. I would look at privatization. I don’t know that that’s the answer…. I’m open to it [privatization].”

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Tim Reid and Nathan Layne, “Insight: Trump Is Attacking DeSantis Hard on Policy, amid the Flurry of Insults,” reuters.com, May 17, 2023
Donald Trump, The America We Deserve, 2000
NBC News, “NBC News: Tim Russert Interviews Donald Trump on Meet the Press,” factba.se, Oct. 24, 1999