Bobby Jindal in State of the Union address

On Social Security: Supports Bush's proposal for personal retirement accounts

Pres. Bush proposed that workers born in 1950 or after would have the option of putting some of the money they now pay in Social Security taxes into voluntary personal accounts. A worker who earns $60,000 a year pays $3,720 a year in Social Security taxes. Under Bush's redesign, that worker could divert up to about $2,455 a year into a personal retirement account.

Rep. Bobby Jindal praised Bush for offering specifics. "The administration has a lot more work to do to continue educating the American people about the very serious challenges facing Social Security. I think today was a great first step; I think more work needs to be done."

One pending question: If workers are rerouting some of their Social Security tax payments into personal retirement accounts, how will the system pay for retiree benefits? Jindal said, "We're not creating one additional dollar of deficit spending by doing this. These transition costs, all they are really doing is recognizing a debt that exists today."

Source: NBC News on 2005 State of the Union speech Feb 3, 2005

The above quotations are from State of the Union address to Joint Session of Congress, and the Democratic Response, Feb. 2, 2005. Click here for other excerpts from State of the Union address to Joint Session of Congress, and the Democratic Response, Feb. 2, 2005. Click here for other excerpts by Bobby Jindal. Click here for a profile of Bobby Jindal.
Please consider a donation to OnTheIssues.org! Click for details -- or send donations to: 1770 Mass Ave. #630, Cambridge MA 02140 E-mail: submit@OnTheIssues.org (We rely on your support!)

Page last updated: Feb 23, 2019