Still a worthy idea

January 2006
Pensions & Investments;1/9/2006, Vol. 34 Issue 1, p10
The article focuses on issues related to investment of a portion of Social Security contributions by the Americans in their personal accounts. The idea languished after several months of vigorous promotion by U.S. President George W. Bush early in 2005. Despite the coming funding crisis for the Social Security System, Bush's idea was killed by Democrats and Republicans alike, based on ignorance and misinformation about the potential risks vs. the potential advantages of individual accounts, as well as by the president's failure to clearly communicate his proposal, and his unwillingness to sustain his efforts to advance the proposal. Many of the politicians opposed to such reform are hostile to the notion of a loss of government control over a program that brings in billions of dollars annually to finance the federal budget.


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