President Bush recognizes that reforming Social Security will not be easy. But he trusts that if we approach this debate with courage and honesty, we will thrive. Our children’s retirement security is more vital than partisan politics. (White House)Current projections suggest that in the absence of some policy changes, the Social Security trust fund will be exhausted in about 2038 (Board of Trustees, 2001). Based on these forecasts as well as related projections about the graying of the nation’s age structure (Congressional Budget Office, 2001), many analysts have disagreed that we are facing a crisis that will require major structural changes in Social Security. The most contentious of the proposed changes is the call for the introduction of funded individual accounts, also present as the “partial privatization” of Social Security. Some advocates of partial privatization see the addition of individual accounts as the end purpose. Others see this addition as a first step toward eventual full privatization (Ferrara and Tanner, 1998; Peterson, 1999).
In what would be one of the boldest actions for reshaping the function of the federal government since the New Deal, President George W. Bush planned the government plan for an “ownership society” in his 2004 State of the Union address. The objective of this program is to shift the liability for providing economic security from the government to folks through changes in federal budget policy. The consequence of tax relief for building a personal safety net comes from the administration’s allege that one of the six goals of the president’s economic program-“To Enable Families and Businesses to Plan for the Future with Confidence”-will not be accomplished if Congress makes permanent several of the tax cuts, including the estate tax, that is scheduled to end during the next decade.(White House)
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