In 2005, President Bush promoted the privatization of Social Security as his top domestic
priority. However, once the American people understood what he was proposing, they
overwhelmingly rejected the idea. While open to modest reforms that would strengthen its
finances, most Americans opposed his proposal to divert Social Security taxes to create private
retirement accounts invested in the stock market – effectively slowly phasing out a program that
has been hugely successful in helping Americans retire with dignity for over 70 years. They
realized that such a scheme would reduce benefits for retirees, increase our national debt, and put
Americans’ retirement at risk by placing it at the mercy of a market that goes down as well as up.
The Democrats united in opposition and many Republicans also ended up opposing the
President’s privatization plan.Continue Reading...