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Category: Polisci | Posted By: Alicia | Rating: 
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Last Wednesday, newly reelected President George W. Bush spoke in front of Congress for the annual State of the Union Address. With one of the most prominent topics of his speech being Social Security, the President set out to dispel recent rumors surrounding this issue and to announce a plan to prevent the evaporation of the program that is so important to so many citizens of this country. The main problem facing the nation today regarding Social Security is that the number of people withdrawing money will soon outweigh the number of those putting money into it, if it has not reached this stage already. The fear that many have come to realize is that this dilemma will reach the point when there will literally be no money left, and the younger generations will receive nothing, even though they will have had money taken out of their paychecks and deposited into the Social Security fund. Such a problem, affecting so large a number, obviously has some skeptics, and already numerous “solutions” have arisen to prevent the extinction of Social Security. In Bush’s own words, “A growing economy and a focus on essential priorities will be crucial to the future of Social Security. As we continue to work together to keep Social Security sound and reliable, we must offer younger workers a chance to invest in retirement accounts that they will control and they will own.”
According to Bush’s figures, “by 2018, Social Security will owe more in annual benefits than the revenues it takes in, and when today's young workers begin to retire in 2042, the system will be exhausted and bankrupt” (http://www.whitehouse.gov/stateoftheunion/2005/#2). Such numbers are astonishing, especially considering that Social Security has been around since 1935. With the “Baby boom” generation (those born in the mid 1940s to the mid 1950s) reaching retirement age at the present time or shortly hereafter, the issue of insufficient funds has become an increasingly important worry on the minds of many. During his speech, Bush stated that his plan involves keeping Social Security’s promises for those who are already retired and for those who are nearing retirement, solving the “financial problems of Social Security once and for all” (http://www.whitehouse.gov stateoftheunion/2005/#2), and the option for younger workers to save for retirement in personal accounts. Bush’s basic principles to guide reforms for Social Security include the following; to make Social Security permanently sound, to guarantee that for people 55 years and older there will be no change, to leave payroll taxes as they are, to assist lower-income Americans, to see that any changes are gradual to give citizens time to prepare and plan for their futures, and to offer younger workers voluntary personal retirement accounts.
In presenting these principles, Bush directs his proposals towards the critics; those who do not believe (or refuse to believe) that Social Security is in any danger, and those who feel that the government is incapable of solving this issue. The President recognizes that this is indeed a problem, and one that needs to be addressed and remedied as soon as possible. The voluntary personal retirement accounts appear to be a step in the right direction, attempting to right the irreversible damage that has been done to the Social Security fund. By giving people more control over their retirement money while leaving rules and regulations in place to guide them, the only thing left is to see such a plan in action. Everything appears good in theory, although the specifics as to when and what the reforms will be were a bit vague. Bush’s aim is one that falls under majoritarian politics, to provide benefits for a large number of people, with everyone “paying” for these benefits. A dilemma such as this will certainly take a great deal of thought and effort on the parts of many to solve, and it would be impossible to present a plan that will answer all of the questions asked. Hopefully, Bush will take steps to protect Social Security from recent harm, and to prevent the bankruptcy of a fund that all of America contributes to and benefits from.
Works Cited
Fields, Gregg. “Leaders govern on borrowed money.” Knight Ridder
Newspapers. Contra Costa Times.
"The State of the Union" Saving Social Security for America 's Future
Generations. http://www.whitehouse.gov/stateoftheunion/2005/#2 February 2, 2005.
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