Social Security

The social security came into being when Franklin D. Roosevelt signed the social security Act on 14th Aug, 1935 (Max, 2005). The aim of the act was to come up with a system of social insurance. It was based on the idea that workers can collect a proportion of their pay to protect themselves and their relatives against disastrous loss of earnings that result from retirement, disability or decease. Workers make monthly contributions to this system and receive their benefits at due time. Individual saving accounts are not maintained by this system but a group of individuals who are supposed to retire at a particular a time are put together. However, there is been a debate on whether this social fund should be privatized or not. This paper supports the view that social security should not be