Most experts concede that the current American Social Security system is unsustainable and needs to be reformed to stay solvent. The question in front of us is whether we want to privatize Social Security. If yes, how much?
In a privatized system, workers setup private savings accounts and decide which securities their money is invested in. After retirement, workers get paid through annuities funded by the private accounts. Advocates argue that workers are in the best position to decide how much risk they are willing to take with their retirement savings. Moreover, studies show that people will get better returns via private accounts than through the current system.
President Bush supports partial privatization that combines government funding with private savings accounts.
Critics of privatized Social Security argue that the current system ensures that all citizens have a baseline income when they retire. Workers that retire when the markets are in bad shape would be put at a severe disadvantage. Moreover, experts argue that transitioning the system would cost U.S. trillions of dollars, further worsening the budget deficit.
Opposes Bush's plan that allows workers to divert some Social Security payroll tax into private retirement accounts. Private accounts can supplement the program.
Raise the cap on income subject to the Social Security tax such that most wealthy contribute their fair share
Hide
Has voted consistent with his position.
NO to establishing personal retirement accounts
Hide
You must be logged in before you can post comments. Log in now.
Invest money in the Social Security Trust Fund and identify interests of individual beneficiaries so they can know what their retirement fund is and leave surplus funds to heirs
Strongly opposes privatizing Social Security
Hide
Voting Record - unavailable
Hide
You must be logged in before you can post comments. Log in now.
You must be logged in before you can post comments. Log in now.