Social Security Reaction

By: Nick LaFave
By: Nick LaFave

'Disgusted' was the word Robert Perry used to describe the President's plan to revamp social security. He thinks the government should leave the program alone.

He, like many seniors, is afraid their benefits would be cut. But the President made it crystal clear in his State of the Union that those retired or near retirement would not be seeing any changes in their coverage.

But the system is broken. That much is agreed upon by both sides of the political aisle. In Wednesday night's address, the President said the best way to fix the program is to allow younger workers to invest part of their payroll taxes in private investment accounts which would gain in value throughout their working lives.

It’s a plan not entirely frowned upon by all seniors. Adelade Warden says it might make sense, because younger workers earn far more money than the people of her generation ever did.

The President also has younger workers in mind when he says the program would be phased in gradually in order to give them time to adjust and plan ahead.

But Bill Knox with the Michigan AARP isn't entirely pleased with the President's idea. Knox says he's favors individuals banking their own money for retirement, but he doesn't think it should be done at the cost of, as he says, 'gouging the social security trust.'

President Bush says he is willing to listen to all (lawmakers) who have ideas on how to fix social security. But it seems obvious any plan the Commander in Chief would sign off on would involve his plan for private investment accounts.


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