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Should the US have Privitization of Social Security?

There seems to be alot of media lately on SS Privitization.

What exactly would be Pritization?
What would be the pros and cons of having it?
Do any other countries practice this? and if so has it been successful?
Has there been any research on this method?
Is this really a way for Bush and his buddies to make money (Stock market)?
Are there any prominent debates going on? and between whom?

I would really like a full understanding of this proposed method.

I have posted this as 4 credits but it can be negotiated if you think more is needed?

Thanks

Solution Preview

Hi there -
You have asked about one of the hottest issues in America today! It's a big topic, so what I will do is give you plenty of background information and present you with the major pros and cons of the proposal. It is a complex topic full of laws and numbers, but I have done my best to break it down for you in a manageable way. I hope this information helps you!
Social Security is the biggest of all government programs and a source of economic support for millions of Americans: retired persons, disabled persons, and family members of workers who have retired, become disabled or who died. It is primarily a pay-as-you-go program. This means that today's generation of workers pays Social Security taxes into the program (money is taken out of every paycheck automatically), money flows back out as monthly benefit checks to the Social Security recipients. If the workers themselves become disabled, they qualify for disability benefits until they reach retirement age. If they die, payments go to their survivors. Currently, there are about 46,444,000 recipients of Social Security.
Here's why Social Security is a hot topic right now: The 2004 best estimates show that the Social Security funds will be adequate to pay all benefits until 2042. Taxes coming into the Social Security trust funds will exceed benefit payments until 2018. Interest on the reserves and the assets themselves will continue to supplement tax revenues until 2042. In 2042, the reserves are projected to be depleted. Income coming into the funds at that time is expected to cover only about 73 percent of the cost due at that time.
Social Security is projected to cost more largely because the number of Americans over 65 will grow faster than the number of workers. This occurs for three reasons: the baby boomers will begin to reach 65 in 2011, people are living longer after 65, and birthrates are assumed to remain historically low (meaning that there won't be as many working people contributing to a growing elderly recipient population).
The choices for fixing Social Security are: to pay more into the Social Security ...

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