As a result, a worker’s retirement security is entirely dependent on the political decisions of the president and Congress. Benefits may be reduced or even eliminated at any time. Given the program’s looming financial crisis, benefit cutbacks are increasingly likely. Therefore, the entirely political nature of Social Security places workers’ retirement security at considerable risk. Indeed, Congress has already arbitrarily reduced Social Security benefits of some groups of workers. Moreover, because Social Security benefits are not a worker’s property, they are not inheritable.
In contrast, a privatized Social Security system, based on individual accounts, would provide workers with the benefits and the safeguards of true ownership.