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Politics : PRESIDENT GEORGE W. BUSH
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To: Mr. Whist who wrote (52005)10/25/2000 11:19:37 AM
From: ColtonGang  Read Replies (2) of 769670
 
Detroit free press......Social Security -- About $2.4 trillion of the projected $4.6-trillion surplus is expected to come from a temporary buildup of Social Security wage-tax revenues. Both candidates say this money should be used to pay down the nation's $5.7-trillion national debt, but Bush would tap part of it to finance his new Social Security investment accounts as well.

Both candidates offer plans to help prepare Social Security for the coming tidal wave of retiring baby boomers, but they differ sharply on how to do so.

Bush would give younger workers the option of diverting a small part of their Social Security taxes into the stock market. Older workers could remain in the current system.

A lot of unanswered questions haunt Bush's plan, starting with its cost. To pay for the benefits already promised to retirees, Bush would have to make up for the revenue that he would allow taxpayers to divert into private investment accounts. That could cost as much as $1 trillion during 10 years, money Bush presumably would have to take from the remaining budget surplus outside Social Security.

"Of all the differences between the two candidates, Social Security is the most profound," Wittman said. "Bush's Social Security reforms would change the very nature of the system."

Gore would maintain the existing program, though he hasn't said how he would pay for promised benefits when costs begin to exceed annual revenues, starting in about 15 years. He advocates using the current Social Security surplus to reduce the federal debt.

To counter Bush's proposal for private accounts, Gore would also allow individuals to put some pretax income into a tax-free investment account for retirement, apart from Social Security.
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