In a 40-minute news conference a day after he declared victory over Senator John Kerry, Mr. Bush said he would begin work immediately on his proposal to overhaul Social Security, one of the biggest goals in his second-term agenda.
I think a more accurate description would be Bush’s “proposal to keelhaul Social Security”:
The president’s plan would do the opposite of what Mr. Bush claims. It would weaken Social Security, hurt the economy and endanger many workers’ retirements by pushing them into unreasonable risks in the stock market. If Mr. Bush were a broker peddling stocks to low-income, uninsured, indebted individuals like many of the Americans who would be included in his plan, he would be violating rules that require brokers to recommend only suitable investments. . . .
For [the Bush administration], Social Security is primarily an ideological struggle. Social Security supports retirees by shifting income from the young to the old via taxes, and from the rich to the poor via the formula for calculating benefits. To Mr. Bush and his supporters, taxation and redistribution are anathema, and Social Security is an anticapitalist ploy to squelch initiative and growth. Those same arguments were leveled against Social Security when President Franklin Roosevelt established it in 1935, and when its constitutionality was upheld by the Supreme Court in 1937.
It’s worked well for nearly 70 years, and will for at least another 50. Don’t let the neocon ideologues steal it from you. See more here.