Bush: Investing Portion of Social Security
georgewbush.com
Governor Bush's Social Security Plan: The Best Solution For Low
Income Workers
Tuscaloosa, AL- Pledging to help "all Americans invest and create
wealth" for retirement security, Texas Governor George W. Bush
promoted his plan to preserve and modernize Social Security today.
Bush's plan enables workers of any income, including low-income
Americans, to invest a portion of their own payroll taxes to save for
retirement. It also provides a blueprint for bipartisan Social Security
reform.
"Social Security is a defining American promise, and we will not turn
back," said Governor Bush. "This issue is a test of government's
capacity to give its word and keep it, to act in good faith and to
pursue the common good."
"There is a new attitude in Washington that shows that reforming
Social Security can and must be bipartisan," continued Governor
Bush. "We can already see the emerging outlines of a consensus."
While speaking at Randall Publishing Company, Governor Bush
highlighted two employees, Yashekia Hill and Debra Webster, both
single mothers, who are unable to save for retirement because as
single mothers they struggle to make ends meet. Under Gore's
approach, low-income workers are required to put up their own
money, which very few can afford. However, with Governor Bush's
plan a portion the payroll taxes already deducted from their paycheck
could be invested for their retirement.
Governor Bush?s plan to save Social Security is based on six
principles:
*Modernization must not change existing benefits for retirees or
near-retirees.
*The Social Security surplus must be locked away for Social
Security only.
*Social Security payroll taxes must not be increased.
*The government must not invest Social Security funds in the
stock market.
*Modernization must preserve the disability and survivors
components.
*Modernization must include individually controlled, voluntary
personal retirement accounts, which will augment the Social
Security safety net. These accounts will earn higher rates of
return, have parameters of safety and soundness, and help
workers build wealth that can be passed on to their children. |
