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Roosevelt and modified many times since-including major change in 1983-Social Security provides benefits to workers and their family members upon retirement, disability, or death. Since the program's origin, the size of those benefits always has depended on the earnings of workers. If the social security is privatized the amount that's collected from each worker's pay check as a Social Security tax upon retirement instead would depend on the size of investments in his or her own personal account.
Under the current recession period, privatizing Social Security will increase the federal deficits and debt significantly hence the national savings will decline and of all it could reduce long-term economic growth and the size of the economic pie available to pay for the retirement of the baby boom generation...
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