Social Security Privatization

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“Is Globalization and Free Trade a positive contribution to the global society?” - After research and reading “African Americans and Social Security” and “The Opposite of Insurance” (Article 4.7 & 4.8) 1. Introduction “Economic depression cannot be cured by legislative action or executive pronouncement. Economic wounds must be healed by the action of the cells of the economic body - the producers and consumers themselves.” (Herbert Hoover c. 1933) The two article that I want to…show more content…
Social Security is defined as the comprehensive federal program of benefits and their dependants with retirement income, disability income, and other payments. The security tax is used to pay for the program. HSAs are defined as accounts created for individuals who are covered under high-deductible health plans (HDHPs) to save for medical expenses that HDHPs do not cover. 2. “Social Security Privatization” Proponents of Social Security privatization are not content with the current program and want a change. They claim that the current program is unfair to African-Americans and that a privatized program would serve Americans better. The author believes that these claims about African Americans and their relations to the Social Security program are wrong. The Old Age Survivors and Disability Insurance Program (OASDI), otherwise known as Social Security, was put in place in 1935 by Franklin Roosevelt to establish economic right for the public. Social Security is an insurance program that protects workers and their families against the income loss that occurs when a worker retires, becomes disabled, or…show more content…
Compare & Contrast The first article were basically about the social security program and its effects on the lower class and especially African Americans.. It gave both positive and negative sides on why privatization is unnecessary. It also discussed the concept of privatization and the pros and cons of that issue. I agree with the author, because he fully explained his point and everything he said made total sense. The last article was more of an in depth article about health saving accounts. I also agree with most of the concepts discussed in this article as well because, just like the first author, the arguments that the second author made were clear and concise and made perfect sense. 5. Conclusion In this essay I have critically reviewed two different Economics articles, Articles 4.8, and Article 4.9. I have given examples of America’s history of Social Security and health saving accounts. I have also given my thought and feelings on both of these concepts and

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