Many issues remain unclear, however. Here are some of the topics Bush addressed and some further details from a fact sheet on his proposal. Would reform affect everyone?
Excerpt from Term Paper: The commercial also says that "if nothing is done," Social Security will "go bankrupt. The current commercial, which opens "with a scene of a fog-shrouded iceberg," will run on "national cable channels for weeks," the Times' piece stated. The Democrats call Bush's proposal to privatize Social Security "a risky privatization scheme.
What are some proposed solutions to the Social Security system?
Business Week reporter Paul Craig Roberts writes that Social Security "can be fixed without raising taxes or saddling the dollar with a debt burden it cannot sustain. He alludes to a plan put forward in by a deputy assistant director in the Treasury Department Stephen J.
Entin that changed the "initial benefit formula from wage indexing to price indexing. It should be noted, as Douglas Holtz-Eakin director of the non-partisan Congressional Budget Office suggests in Farrell's piece, that even if the Social Security shortfall was whittled down to a manageable size, Congress could still take the cash from the trust funds to compensate for deficits, "to spend for other projects, leaving the government in no better shape than when the trustees redeem their Treasury bonds.
The National Review supports the Bush privatization idea: Giving workers the opportunity "to divert - voluntarily - part of their payroll tax to a personal account is crucial," Reynolds writes.
Indeed, he continues, those who advocate "reform" without "adding choice and ownership are actually just proposing various ways of saddling young people with higher taxes and lower benefits. It is just a bookkeeping gimmick in which one part of the government promises money to another part of the government.
Right Idea, Wrong Time.Social Security Reform - Social Security Reform Nearly every American sees the letters FICA at least once a week. While rushing out of the office or place of employment and scurrying to the bank to cash a well-deserved paycheck, the average American scowls at the roughly 8% the "FICA tax" inevitably consumes.
Potential Social Security Reform - Social Security My Account Information. Bush called for a fundamental reform that allowed younger workers to divert a portion of their payroll taxes, which funded Social Security, into private savings accounts.
Although Democrats were resistant, Bush believed that he could convince the American people through a . Facts and myths about Bush’s plan for Social Security privatization By Patrick Martin 3 February The centerpiece of the domestic policies outlined in Bush’s State of the Union speech.
President Bush made Social Security reform his top domestic priority in In this paper, Brookings's William Galston examines why the president's proposal failed and the politics of Social.
Estimated Financial Effects of a Comprehensive Social Security Reform Proposal Including Progressive Price Indexing—a proposal developed by Robert Pozen, member of the President's Commission to Strengthen Social Security.