The Privatization of Social Security

Executive Summary

• Wall Street wants to privatize social security so they can extract the maximum amount of fees from the system.

Introduction

The entry on this website titled The Myth of the Necessity to Pay Back The Federal Government’s Debt explains why the government has to pay back its debt is a myth. However, this myth is used to promote the idea of what is covered in the entry on this website titled The Myth of the US Social Security Shortfall. These two myths are then used to propose that Social Security benefits must be cut and that it might be better if Social Security were privatized. Even under the current design of the US having a private central bank, Social Security is not in any danger financially. However, any issue or concern for Social Security could be immediately eliminated by having the US move to a public central bank and issuing its own debt-free money. The government could then maintain any benefit level that it saw fit.