social security
In the 2000 election both candidates have made many proposals regarding issues that are important to the people. The one issue that I feel is Social Security. Social Security is the money that hard working people make and should stay theirs. In 1935 an act called The Social Security Act was made. This set up an insurance system called Social Security. The system has three major parts: old age, survivors of wars, and disability insurance; unemployment insurance; and workers compensation. The first part is made so when people that are old or disabled retire they can have money. The Second part is unemployment. This was made so when people lose their jobs they can be helped in the future. The third part is workers compensation: If you get hurt and are unable to go to work then workers compensation will pay for you being out of work and give you money. Medicare and Medicaid are also programs that were made to help older or poor citizens pay for their medical expenses. In the Social Security issue both Al Gore and George Bush support many of the same things. Both of them support partial privatization of social security by allowing participants to invest 2% of their payroll taxes in the Stock Market, They both support the eliminatio
Bush has already promised no new payroll taxes; Gore's hoping to avoid all three. The budget surplus the government supposedly has now is basically a fantasy based on a three-year-old budget and optimistic economic projections. He wants to use the surplus the fund is currently running to pay down the national debt over the next decade or so, putting the economy on sounder footing and freeing up more money (which now goes to debt servicing) to keep the fund going. 4 percent of salaries, for individual retirement accounts. Al Gore wants to keep everything the way it is. This will save billions of dollars in interest, which can be redirected to ensuring the solvency of the social security trust fund until 2050. There are economists who argue that for younger workers, buying into the market now could be a classic case of bad timing, and then the government would only be looking at a politically inevitable bailout of the fund a generation or two from now, costing even more money. 2 trillion of the social security surplus to shore up the program and pay down the debt. In their debates Bush came out with guns blazing for privatizing the program, setting aside an unspecified portion of the payroll tax paid by employers into the fund, currently 12. Al Gore seems to be focusing more on older people and women while George Bush seems to be focusing more on the women, younger people, and disabled people. Gore also supports an increase in benefits to widows and eliminating the "motherhood penalty," which is the resulting reduction in benefits for women who take time off work to raise their children. The first is that some investors may not be able to beat 2 percent, and if the stock market goes into a downturn, or even a period of stagnation "some" could become many. To truly save Social Security, something politically uncomfortable will have to be done, whether it's raising payroll taxes, cutting benefits or raising the age of eligibility. Bush's plan is quintessentially Republican -- save the government money by farming its work out to the more efficient private sector.
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