Social Security has become the largest single government program in the world, accounting for 24% ($888 billion) of total US federal spending in 2015. Since 2010, the Social Security trust fund has been paying out more in benefits than it collects in employee taxes, and is projected to run out of money by 2034. One proposal to replace the current government-administered system is the partial privatization of Social Security, which would allow workers to manage their own retirement funds through personal investment accounts. Proponents of privatization say that workers should have the freedom to control their own retirement investments, that private accounts will give retirees higher returns than the current system can offer, and that privatization may help to restore the system's solvency. Opponents of privatization say that retirees could lose their incomes in a stock market downturn, that many individuals lack the knowledge to make wise investment decisions, and that privatization does nothing to address the program's approaching insolvency.
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