Social Security Privatization In The Bush Administration (2001-present)

U.S. Social Security program has been a very successful program for theAmerican people since it founding. But nowadays, the long-term solvency of SocialSecurity Trust Funds is facing some challenges. Prompt actions are needed to dealwith the Social Security problems.For this reason, the Bush administration (2001-present) put forward a President'sreport on Social Security reform, which proposes introducing a system of personalaccounts in the current Social Security system. This report has caused a nationwidediscussion about Social Security privatization. Based on the works of some famousAmerican economists, this thesis proves the infeasibility of Bush's reform plans.These reform plans would do nothing to reduce the future shortfall of Social Security,and would lead to massive benefit cuts and put the Social Security system at risk.In America, Social Security has always been a political instrument and a majorelection issue. George W. Bush has exaggerated Social Security problems andpromoted Social Security privatization with a view to pursuing his political andeconomic interests instead of addressing Social Security problems. Although Bush hasmet strong opposition to Social Security privatization, he still decides to push ahead.Bush's privatization plans proceed from his ideology rather than the interests ofSocial Security beneficiaries. The making of Social Security reform plans shouldconform to the purposes of Social Security program, that is, to provide basicguarantee for the life of the Americans, maintain social stability and promoteeconomic growth.