Why Bush failed to create retirement accounts?

Why so many Americans oppose the President’s Social Security proposals despite the fact that most Americans understand that the program faces financial challenges long term and that some changes may be needed? According to a suvey by Harris Interactive, the main reason is that plurality of U.S. adults believe he wants to dismantle Social Security; not save and strengthen it. After Bush's lies were made public because of failure to find WMDs, Americans, particularly young and educated Americans no longer believe what he says. (Related article: Bush's real agenda behind privatizing Social Security)

Some polls show that 50 percent or more Americans in some polls like the idea of allowing people to invest part of their social security money in stocks or bonds (through private retirement accounts). A key question therefore is "why do many people like the proposal but oppose the president on this issue?"

According to the survey, many people don’t trust the president’s motives. The president talks about saving and strengthening Social Security, but only 36 percent of U.S. adults believe that this is his real motive. Half (49%) of all adults believe that his real agenda is not to save and strengthen Social Security but to dismantle it. There is clearly a widely held view that many Republicans, including President Bush, want to eliminate or weaken entitlement programs. People who believe that the president’s real agenda is to dismantle Social Security do not trust him enough to implement the personal accounts option, even if they like it. (Related article: Poor saving habits hurt Americans)

This survey also finds that a 59 to 34 percent majority continues to disapprove of the president’s position on Social Security, virtually unchanged from how the public felt in March. And, as in the March survey, public opposition to the president’s position on Social Security contrasts with majorities who favor the president’s positions on simplifying the tax code and making his tax cuts permanent, and the plurality who supports the president’s position on law reform.

Related articles

Retirement planning guidelines

Americans need to be financially literate

How to save more for retirement?

Technorate tag: Retirement