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June 01, 2005
Support For George Bush's Social Security Plan Falling
George Bush's plan to change Social Security to allow workers to invest some of their Social Security taxes in private retirement accounts is currently becoming less and less popular, according to recent polls given by CNN, USA Today, and Gallup. 40 percent approved of President Bush's approach to Social Security and 53 percent disapproved.
Allies of President Bush have launched television advertisements in support of the revised Social Security plan brought forth by George Bush. Also, Bush has been traveling the country in an attempt to gain support for his new Social Security plan.
According to the Social Security Administration and the Congressional Budget Office, Social Security will start taking in less funds than it gives out in the next 12 to 15 years. Social Security's trust fund will be totally depleted in the next 40 to 50 years.
President Bush admits that private accounts are not the only thing that needs to be done to solve the problem of a depleted Social Security fund. But he has stated that it is a step towards fixing Social Security's financial problem that our nation faces.
Many believe that Bush's plan would force the nation to borrow trillions of dollars to pay off currently retired citizens on the Social Security program, and it is also speculated that guaranteed benefits might have to be cut as much as 40% under this plan.
Posted by Tuck at June 1, 2005 05:57 PM
