Privatization of Social Security: Will it Work?

When President Bush revealed his plan to overhaul social security in his speech at the Republican convention, it was received with mixed reactions. President Bush wants to overhaul social security and put it on sound financial footing. (Christine Dugas, 2004) According to Henry J. Aaron (1999, p55) social security has been the most successful domestic government social program of the twentieth century. In addition to providing income support to 44 million aged, disabled, and survivor beneficiaries it provides the majority of income for more than half of elderly beneficiaries.