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July 25, 2002
Bush Still Supports Social Security Privatization
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"Clearly, young people are paying taxes in now for a Social Security system that is going bankrupt," presidential press secretary Ari Fleischer aid told the AP.
Fleischer called stocks "a sound long-term way to get a higher rate of return."
One of the president's major campaign platforms in 2000 was a proposal allowing young workers to invest part of their Social Security taxes as they choose. Fleischer noted that despite the stock market's two-year decline, Bush still believes that people should have the opportunity to designate where some of their Social Security taxes should be invested.
Bush's plan would have no effect on those already retired or close to retirement.
"The president believes in allowing people options so, at people's discretion, they can make the decisions that work for them. That would include markets," Fleischer told the AP. He emphasized that despite recent trends, the economy and the stock markets possess long-term stability.
President Bush has spoken three times about the economy over the past three weeks, saying that the economy is fundamentally strong, the AP reports. Stock prices subsequently dropped all three times.
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