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Bush looks to reform Social Security...
http://reuters.myway.com/article/20...2_RTRIDST_0_NEWS-BUSH-SOCIAL-SECURITY-DC.html
How many of you are aware that originally SS was meant to be temporary and allowed for states/counties to vote themselves out of the federal system??
In the late 70's, when SS looked like it would be bankrupt, a few of Texas counties did just that. They then started holding talks with other states and counties to teach them how they too could opt out.
Lawmakers in washington rushed into stop this from taking place. They removed the opt out clause, but were forced to leave the original three counties to their own devices, due to a grandfather clause.
It's a shame we have learned that the current system is the ONLY right way.
http://reuters.myway.com/article/20...2_RTRIDST_0_NEWS-BUSH-SOCIAL-SECURITY-DC.html
WASHINGTON (Reuters) - President Bush said on Thursday he planned to start work immediately on reforming America's ailing Social Security retirement system and predicted a long slog ahead.
"We will start on Social Security now. We will start bringing together those in Congress who agree with my assessment that we need to work together," he said in his first news conference after the bitterly contested presidential election.
Bush said reforming Social Security would be a priority during his second term and he predicted it would be very tough and costly.
"But the cost of doing nothing ... is much greater than the cost of reforming the system today," he added.
Bush said he had talked to members of his staff on Thursday and they were planning strategy on how to "move agendas forward" and to do this effectively.
The future of Social Security and the financial strains it faces when 77 million baby boomers begin to retire was a major issue in this year's presidential elections.
Bush had proposed setting aside a portion of Social Security taxes to create individual accounts that workers could invest in stocks and bonds.
Opponents to private accounts say the move will increase the financial strains on Social Security and argue that recent stock market scandals underscore the need to protect the basic benefit of Social Security.
How many of you are aware that originally SS was meant to be temporary and allowed for states/counties to vote themselves out of the federal system??
In the late 70's, when SS looked like it would be bankrupt, a few of Texas counties did just that. They then started holding talks with other states and counties to teach them how they too could opt out.
Lawmakers in washington rushed into stop this from taking place. They removed the opt out clause, but were forced to leave the original three counties to their own devices, due to a grandfather clause.
It's a shame we have learned that the current system is the ONLY right way.