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Saturday February 05, 08:26
Social Security Faces Crisis
(by Mark Riley)

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Social Security Faces Crisis Bush’s Social Security plan raised many concerns among the American population. Many experts and the majority of Americans according to recent polling don’t believe in existence of a Social Security “crisis”.

According to a Gallup poll for CNN and USA Today in December 1998 only 15% of respondents believed the Social Security faced a crisis, a figure that had risen only 18% last month.

In the run-up to President Bush’s State of the Union, the Associated Press released early Wednesday afternoon: “Republican sources: Bush’s social security plan would leave untouched benefits promised to workers 55 and older.” In his speech President described the crisis without addressing the question, and the White House says the rest is up to negotiations with Congress.

Bush’s proposal does nothing directly to close the gap of at least $3.7 trillion over the next 75 years between benefits currently promised to future retirees and taxes expected to be collected.

Bush didn’t pay much attention to that issue but the administration official said, “The larger question is really subject to the details of discussions between the President and the members of Congress.”

The good news is that the 55 cutoff was about as chintzy as Bush could get and keep his campaign promise not to endanger benefits of current retirees or those who soon will be eligible for Social Security.

According to a Roper Public Affairs survey for AARP Americans 30 or older want to see minimum changes in social security and 60% think that private accounts would hurt social security.
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