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+--- Thread: during his 2nd term, which problem did Bush address by calling for the privatization of Social Security? (/thread-8856.html)
during his 2nd term, which problem did Bush address by calling for the privatization of Social Security? - Sdgfgfgh - 10-13-2012 06:19 PM
a. birthrates had almost doubled since the start of the Social Security system
b. younger workers feared they would not have sufficient income after they retired
c. baby boomers could not invest their personal savings in the stock market
d. medicare costs for elderly immigrants had doubled over the past decade
- kpk02 - 10-13-2012 06:27 PM
None of the above. What it solves is the fact that the government destroyed the Social Security system and stole everyone's money out of it but never paid any of it back.
Privatizing it would at least assure you that you would likely at least retain the full amount you invested into it because it could be stored in a safe investment option if desired (though low interest). Currently each of us is losing 100% of our Social Security investment and just have to hope that there will be enough money coming in to pay our withdrawals at retirement.
The system was never supposed to use current incoming payments to cover currently outgoing payments. The money to cover the outgoing payments should already be stored and ready from those people paying in throughout their working years.
- Love 2 Run - 10-13-2012 06:27 PM
C. Makes no sense because they could already invest their private savings in the market. Bush wanted to allow people to invest a portion of the money paid into social security to possibly allow for bigger gains in those investments compared to the social security system.
B. Yes, they may fear not having enough money to live on because social security is a joke. They only way to survive is having social security augmented by your own retirement plan.
D. Medicare is separate issue and has its own problems.
A. Yes, there are more people that are going to be paying into SS and more people exhausting what has been paid into SS. The SS system is a failed idea anyway. The only way it would ever continue to work is with constant increase numbers of population that pay into it, but with the current population explosion of baby boomers that are now going to be taking their retirements, the system can not handle that many retirements at one time. The system is broke and severely underfunded.
I would say none of those answer work.
- DONALD T - 10-13-2012 06:27 PM
At that time Social Security was going broke and he was trying to fix that problem. Now it is broke and nobody is doing anything about it.