I have generally disagreed with most Bush administration proposals, but I think his social security reforms seem sensible. I got this from whitehouse.gov
As we fix Social Security, we must make it a better deal for our younger workers by allowing them to put part of their payroll taxes in personal retirement accounts.
Personal accounts would be entirely voluntary.
The money would go into a conservative mix of bond and stock funds that would have the opportunity to earn a higher rate of return than anything the current system could provide.
A young person who earns an average of $35,000 a year over his or her career would have nearly a quarter million dollars saved in his or her own account upon retirement.
That savings would provide a nest egg to supplement that workers traditional Social Security check, or to pass on to his or her children.
Best of all, it would replace the empty promises of the current system with real assets of ownership.
I don't see why people are so resistant to that idea. My only concerns are that I would not want to lose all of the money I have paid out for social security already by starting a brand new account from scratch, and I would want this new account to be completely independent of my existing IRA. I would want to be able to fund both accounts. I am not an economics stud, but I don't see the downside. More people will be investing in the economy (which is good), retirement benefits will stay the same or even possibly increase (which is good), and taxes will not rise above current levels (which is also good). Where is the argument against that?