President Bush's Personal Retirement Accounts: Saving Or Dismantling Social Security

New York University Review of Employee Benefits & Executive Compensation, 2005

26 Pages Posted: 22 Feb 2007

See all articles by Kathryn L. Moore

Kathryn L. Moore

University of Kentucky College of Law

Abstract

President Bush devoted considerable attention to reforming the Social Security system in his 2005 State of the Union address. After pointing out that the system faces a long-term deficit, the President suggested that carving personal accounts out of the current system would help solve the deficit. Personal accounts, however, would not eliminate Social Security's long-term financing difficulties. Instead, they would fundamentally transform the system from one of social insurance to one of individual ownership and would be the first step toward dismantling it. This Article explains why the Social Security system faces a long-term deficit and why personal accounts would not eliminate that deficit. It then explains why personal accounts would fundamentally transform the current system and would be the first step toward dismantling it.

Keywords: social security, retirement income

JEL Classification: H55, J26

Suggested Citation

Moore, Kathryn L., President Bush's Personal Retirement Accounts: Saving Or Dismantling Social Security. New York University Review of Employee Benefits & Executive Compensation, 2005, Available at SSRN: https://ssrn.com/abstract=961617

Kathryn L. Moore (Contact Author)

University of Kentucky College of Law ( email )

620 S. Limestone Street
Lexington, KY 40506-0048
United States
859-257-7637 (Phone)
859-323-1061 (Fax)

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