Biology Forums - Study Force

After Social Security reforms in 1983, the program had been put on the path of surpluses for the decades by the efforts of President Clinton to use surpluses to shore up the trust fund. President Bush changed this. What actions did he take? What was his motivation? What stopped his plans? What are the current attitudes today by the political parties and the public? How do you think these powers will influence the long term viability of the Social Security system?

President Bush hoped to privatize Social Security. He wanted to benefit the financial sector and there was a lot of propaganda to say that Social Security was not sustainable. He gave the richest American's tax cuts and ballooned deficits in hopes of making the case that Social Security would be restructured. The public and Congress reacted strongly and this did not happen. IRA did become common and are rapidly replaced fixed retirement plans. They are publicly subsidized when considering that they are allowed tax concessions. It remains a politically contentious area, but those in favor seem to be powerful. Democrats are supportive, as well as a significant portion of the population. Republicans remain interested in privatizing and reducing the role of government.