- 43rd President of the United States
- Pro to the question "Should Social Security Be Privatized?"
“As we fix Social Security, we also have the responsibility to make the system a better deal for younger workers. And the best way to reach that goal is through voluntary personal retirement accounts. Here is how the idea works. Right now, a set portion of the money you earn is taken out of your paycheck to pay for the Social Security benefits of today’s retirees. If you are a younger worker, I believe you should be able to set aside part of that money in your own retirement account, so you can build a nest egg for your own future.
Here is why personal accounts are a better deal. Your money will grow, over time, at a greater rate than anything the current system can deliver — and your account will provide money for retirement over and above the check you will receive from Social Security. In addition, you’ll be able to pass along the money that accumulates in your personal account, if you wish, to your children or grandchildren. And best of all, the money in the account is yours, and the government can never take it away.
The goal here is greater security in retirement, so we will set careful guidelines for personal accounts. We will make sure the money can only go into a conservative mix of bonds and stock funds. We will make sure that your earnings are not eaten up by hidden Wall Street fees. We will make sure there are good options to protect your investments from sudden market swings on the eve of your retirement. We will make sure a personal account can’t be emptied out all at once, but rather paid out over time, as an addition to traditional Social Security benefits. And we will make sure this plan is fiscally responsible, by starting personal retirement accounts gradually, and raising the yearly limits on contributions over time, eventually permitting all workers to set aside four percentage points of their payroll taxes in their accounts.”
State of the Union address, c-span.org, Feb. 2, 2005
- Theoretical Expertise Ranking:
Individuals with PhDs, JDs, or equivalent advanced degrees in fields relevant to social security and related issues. Also top-level government officials (such as foreign leaders, US presidents, Founding Fathers, Supreme Court Justices, members of legislative bodies, cabinet members, military leaders, etc.) with positions relevant to social security and related issues.
- Involvement and Affiliations:
- 43rd President of the United States, Jan. 20, 2001 – Jan. 19, 2009
- 46th Governor of Texas, 1994-2000
- Co-owner, Texas Rangers baseball franchise, 1989-1998
- Member, Board of Directors, Harken Energy Corporation, 1986-1993
- Advisor and Speechwriter for the George H.W. Bush 1988 and 1992 presidential campaigns
- Chief Executive Officer (CEO), Spectrum 7 Energy Corp., 1984-1986
- Founder, Arbusto Energy, 1978
- F-102 fighter pilot, Texas Air National Guard, 1968-1973
- MBA, Harvard Business School, 1975
- BA, Yale University, 1968
- Contact Info:
- Born in New Haven, CT on July 6, 1946
- Quoted in:
- Pro & Con Quotes: Should Social Security Be Privatized?