There are new proposals in Congress to privatize Social Security. These plans would cut future Social Securitybenefits and divert these savings to fund new private accounts. Because these plans would divert massive sums from the Social Security Trust Fund, it would leave the program in a deep financial hole, and likely lead to cuts in benefits. Social Security belongs to the people who contribute, not the government -- it must not be hijacked to pay the federal debt. The money put in should be protected and used only for Social Security.
Source: http://bradsherman.com/index.php/issues/
