President Bush continues his romp across the country telling seniors not to worry about their benefits under Social Security. What he doesn’t understand is that seniors are concerned not simply for their own benefits but for the benefits of their children and grandchildren. They do not want the uncertainty of the stock market for Social Security. Poll after poll shows that the vast majority of Americans do not support private accounts.
Is not necessary to establish private accounts to ensure the solvency of Social Security. Even some Republicans have admitted that President Bush made a drastic error when he placed the private accounts as the principal issue before the American public. The principal issue is not private accounts it is the solvency of Social Security. The truth is that carving out trillions of dollars from the Social Security trust fund by establishing individual accounts actually makes the financial situation worse not better for Social Security.
As one of those seniors, I am not concerned about my benefits. I am concerned about the benefits for my children and grandchildren. I believe the place for private accounts invested in equities is over and above Social Security. We need to fund the existing Social Security plan so that the money will be there for my retirement and the retirement of my children and grandchildren. We also need to make sure working Americans understand they need something more than Social Security for retirement. Individual equity accounts should be in addition to the guarantees of Social Security.