GERALD MCENTEE

In 2006, President George W. Bush tried to Privitize Social Security, Privatization is a concept whereby individuals invest their own money in the Stock and Bond Markets in an effort to get a better return than the government Social Security System produces. However, the initial cost is very high. The idea might be good for an individual whose investments pay off, but there could be no old age coverage for someone who invests poorly, is unlucky or whose investing brokerage firm goes bankrupt. There would be a lesser or no safety net which people would be guaranteed as they are with Social Security. The Bush administration failed in a major defeat for the administration. Most people felt that it was a gamble and not woth the risk to have a little more money. Two years later, the Great Recession hit the nation, and if Sociak Security money were invested in the stock market, people would not have earned any money at all and half of all their savings would have been wiped out. Many people were reiring shortly and could not wait the 4 or 5 years to allow the stock market to recover. After that no one suggested Privitation of Social Security for years.

In 2006, President George W. Bush tried to Privitize Social Security, Privatization is a concept whereby individuals invest their own money in the Stock and Bond Markets in an effort to get a better return than the government Social Security System produces. However, the initial cost is very high. The idea might be good for an individual whose investments pay off, but there could be no old age coverage for someone who invests poorly, is unlucky or whose investing brokerage firm goes bankrupt. There would be a lesser or no safety net which people would be guaranteed as they are with Social Security. The Bush administration failed in a major defeat for the administration. Most people felt that it was a gamble and not woth the risk to have a little more money. Two years later, the Great Recession hit the nation, and if Sociak Security money were invested in the stock market, people would not have earned any money at all and half of all their savings would have been wiped out. Many people were reiring shortly and could not wait the 4 or 5 years to allow the stock market to recover. After that no one suggested Privitation of Social Security for years.