SOCIAL SECURITY: Social Security Disability privatization to resolve fiscal deficit

September 13, 2010

Washington, D.C. - Social Security Disability advocate MD Frederick Johnson has discussed the potential privatization of Social Security as a solution to the fiscal deficit, reports said.

The 20-year consultant commented that Social Security might go bankrupt in 2020 as nearly 76 million US employees are expecting to retire in the next ten years. A gradual privatization of the Social Security is also expected to alleviate the worsening financial status of the program.

Johnson patterned his proposal after Chile's transformation program in 1980, wherein a gradual 10 percent privatization of retirement program has earned investment benefits and has helped reduce fiscal debt.

The proposal seeks to protect the 76 million Baby Boomers who will need SS retirement benefits as living allowance and capital for small business soon.

Johnson presented his research at the National Spasmodic Torticollis Association on Sunday.