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President Proposes Social Security Changes

Wed, 03/21/2001 - 12:00am — Karen Stevenson
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President Bush announced his plans for the future of Social Security during his address to a joint session of Congress. His proposal is to create voluntary private retirement accounts as an alternative to supplement the standard Social Security program. His proposal states that his goals for Social Security reform are that no changes be made to the benefits of current retirees, or those near retirement. He also stipulates that the Social Security surplus must only be used for the Social Security program, that Social Security taxes should not be increased, and that the government should not invest Social Security funds in private investments. Bush said he will create a presidential commission to reform Social Security which will make its recommendations by next fall.

President Bush announced his plans for the future of Social Security during his address to a joint session of Congress. His proposal is to create voluntary private retirement accounts as an alternative to supplement the standard Social Security program. His proposal states that his goals for Social Security reform are that no changes be made to the benefits of current retirees, or those near retirement. He also stipulates that the Social Security surplus must only be used for the Social Security program, that Social Security taxes should not be increased, and that the government should not invest Social Security funds in private investments. Bush said he will create a presidential commission to reform Social Security which will make its recommendations by next fall.