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Social Security Reform: The Use of Private Securities and the Need for Economic Growth 1 (January 2003)

handle is hein.congrec/cbo10165 and id is 1 raw text is: A series ofissue summaries from the Congressional Budget Office NO. 7, JANUARY3, 2003 Social Security Reform: The Use of Private Securities and the Need for Economic Growth The Underlying Debate About Reforming Social Security The Social Security system is a collective one. Each worker's Social Security taxes are not put aside to pay his or her eventual benefits; instead, they are used to finance the system in general, largely for current retirees. As with other federal levies, Social Security tax receipts go into the U.S. Treasury, and any portion not needed to pay current beneficiaries is used to finance the government's other functions or to reduce its debt. The Social Security trust funds are given credit for the

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