Social Security System in America .

The blogger Ibikunle Laniyan threats the latest inferno from the white house as Mr president shakes America down to its knees in an attempt to make America great again.

Elon Musk is cutting the over 60,000 work force with social security department by half in the latest shocking news from the Whitehouse.This is long overdue and these are some of the things I ve written about years before it happened.

I do not disagree that they re many dissenting opinions about this topic this very inferno .You know something it could make America more efficient even when it's privitised.The social security payments in America could be privitised and almost all of these roles maybe taken up by private insurance cooperation.The truth mankind is often times indifferent to change even when they voted for change they re still against it.This tells you about the scary powers of overwhelming change and despite American voters voted in favour of Donald Trumps they still are against it and the program he endorsed.

However it has been argued part of the reason the advanced societies not growing faster bedeviled with low level of economic growth since 1873 was due to patronage of social security .There's no doubt high level of unemployment benefits reduces propensity to take paid work.This also reduces the urge to pay and resistance to increase in tax payment and wage demands, inflation and government deficits.This tends to reduce the rate of investment,savings mobilisation and economic growth and I think quite unsustainable in the long run.How can you keep heavy barrier to high unemployment growth and abettor of high inflation?

It is affordable if replaced by negative income tax and you know as countries get wealthier an increase in the population of people to undertake benefits from social security could be covered by private insurance.Hence there is a link between higher social security payments and lower economic growth .I do disagree with those who says low spenders on social security like UK and US record low economic growth?Is the US low spenders on social security paying over 70 million beneficiaries documented or undocumented , identified or unindentified? Or high spenders like Denmark,Belgium and Holland record high economic .There's no empirical evidence high social security expenditure in America for instance has been able to reduce and eradicate poverty in America citing the evidence of 45 million poor people in America.i do believe that it was due to lack of poverty eradication as the main goal of the social security expenditure that militated against the eradication.I had suggested economic social security that should incorporate this objective and set target to eradicate mass poverty in America at defined period should be adopted.I think is right too if privitised due to unpredictability of the human nature and allegiance or probity in relation with critical matters about money.For instance the poor people in America can be made rich in two years and exit poverty and their households.

During the second world war Roosevelt institutionalized social security and called it new deal to assist the elderly unemployed and retirees at a time when 25%of Americans were groaning under unemployment.This challenge of unemployment ended when the war ended and inflation took over from the 50s down to its curb in early 80s.The program was driven by the need at the time and seem to have outlived the usefulness.If it continues it could bankrupt america.

Be that as it may, some sources says social security no longer blessed with surplus and a contributor to the government deficit and national debt.Since 2010 social security has run annual deficit using treasury department bonds to pay benefits.This caused government to borrow money from the public to repay those bonds. Consequently raising government deficit and national debt at about $36 tr.world highest.Many social security lovers disagreed with this fact of program deficit living on outdated intelligence that was moribund since 2010 when deficits began to accumulate.

The total cost of social security expenditure for instance in 2022 is $1.2tr. and $1.3tr.in 2023,23% of federal budget, 10% of what my company WOICO project returns if just 10% of the money was invested.Do you know how much that could make for America ? Terrible wastage and I think quite wasteful .I mean almost half of American GDP being wasted on annual basis and a staggering $100tr.in a decade and poverty would be alien in America forever if generated from my program.I think it should be privitised.