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Skriven 2005-04-29 23:35:30 av Whitehouse Press (1:3634/12.0)
Ärende: Press Release (050429c) for Fri, 2005 Apr 29
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Fact Sheet: Strengthening Social Security for Today's Younger Workers
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For Immediate Release
Office of the Press Secretary
April 29, 2005

Fact Sheet: Strengthening Social Security for Today's Younger Workers



TODAY'S PRESIDENTIAL ACTION
  þ Today, President Bush Visited Northern Virginia To Meet With Younger
    Workers Who Are Concerned About The Future of Social Security. The
    President has called for allowing younger Americans the option of
    safely investing a portion of their payroll taxes in voluntary personal
    accounts that they own and control within the Social Security system.

BACKGROUND: YOUNGER WORKERS HAVE THE MOST TO GAIN FROM SOCIAL SECURITY
REFORM
  þ Younger Americans Face A Stark Reality.
      þ There Is A Narrow Window To Fix Social Security For Today's Youth.
        In just three years, the first Baby Boomers will begin to retire,
        putting added strain on the system. In 2017, the system will begin
        paying out more than it takes in. This will ultimately result in
        drastically higher taxes, reduced benefits, increased debt, or cuts
        to other critical government programs.
      þ The Government Has Borrowed $1.7 Trillion From The Social Security
        Trust Fund. The government has borrowed the total value of the
        Trust Fund to pay for other government spending. Beginning in 2017,
        the government will have to begin backing up these paper promises
        with real money.
      þ A Permanent Solution Is Needed For Today's Youth. A band-aid
        solution of quick fixes and small tweaks will only pass this
        problem on to the next generation.
  þ Younger Americans Support The President's Social Security Plan.
      þ Younger People Have Little Faith In The Current Social Security
        System. A recent national poll by Harvard University's Institute of
        Politics (IOP) found seven out of ten American college students did
        not believe Social Security would pay out benefits when they
        retire.
      þ Today's Younger Workers Want A Nest Egg. Younger workers have seen
        how the government has used their Social Security taxes to fund
        other programs, and they understand that voluntary personal
        accounts offer a better way to fund Social Security. A recent Fox
        News poll found 84 percent of Americans ages 18 to 55 believe they
        should have the option of creating a voluntary personal account
        within the Social Security system.
      þ Younger Workers Already Belong To The Investor Class. Younger
        workers today are more familiar with investments than previous
        generations. Through 401(k) plans offered by employers across the
        country, workers know the power of compound interest and how their
        contributions to these accounts can grow steadily over time.
  þ The President Has Outlined Details To Guide The Legislative Process.
      þ Future Generations Will Receive Benefits Equal To Or Greater Than
        Today's Seniors. Under any plan to reform Social Security, future
        generations should receive at least as much as seniors receive
        today.
      þ Protect Future Generations Who Depend on Social Security The Most.
        Low-income workers should receive benefits that grow faster than
        benefit increases for the wealthiest seniors, which would grow no
        faster than the rate of inflation. This change alone would solve 70
        percent of the funding problems facing Social Security.
      þ Replace The Empty Promises Being Made to Younger Workers With Real
        Money. Younger workers should have the option of putting a portion
        of their payroll taxes into a voluntary personal account. This nest
        egg will give workers an opportunity to receive a higher rate of
        return than the current Social Security system can provide.
      þ The President Will Continue To Work With Congress. Social Security
        is too important to pass this problem on to the next generation.
        The President has committed to work with both the House and Senate
        in a bipartisan way.
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