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On February 2, 2005, Bush made Social Security a prominent theme of his State of the Union Address. In this speech, which sparked the debate, it was Plan II of CSSS's report that Bush outlined as the starting point for changes in Social Security. He outlined, in general terms, a proposal based on partial privatization.
President Bush also signed into law Medicare Part D, which provides additional prescription drug benefits to seniors. The program was not funded by any changes to the tax code. According to the GAO, this program alone created $8.4 trillion in unfunded obligations in present value terms, a larger fiscal challenge than Social Security. [41]
The Social Security Act's similarity with the Railroad Retirement Act caused Edwin Witte, the executive director of the President's Committee on Economic Security under Roosevelt who was credited as "the father of social security," [26] to question whether or not the bill would pass; [27] John Gall, an Associate Counsel for the National ...
Franklin Delano Roosevelt. The father of the social safety net, FDR signed the Social Security Bill into law on Aug. 14, 1935. He had called on Congress to craft a social insurance policy just 14 ...
President George W. Bush discussing Social Security in 2005. After winning re-election in 2004, Bush made the partial privatization of Social Security his top domestic priority. [55] He proposed restructuring the program so that citizens could invest some of the money they paid in payroll taxes, which fund the Social Security program. [56]
A proposal to privatize Social Security has been revived by former Vice President Mike Pence, who told a group in Washington, D.C., last week that he wants to reform the retirement program by...
The Social Security system is primarily a pay-as-you-go system, meaning that payments to current retirees come from current payments into the system. The program was initially established in 1935 in response to the Great Depression. The first to file for Social Security was Ida Mae Fuller in 1940. [16]
President Bush promised that the federal government would underwrite the rebuilding of New Orleans and other storm-damaged areas, the cost of which was estimated to run as high as $200 billion. Only weeks after Katrina, Hurricane Rita struck the Texas/Louisiana border in September. Rita caused the largest evacuation in U.S. history, as millions ...