May 24, 2000

Social Security looms as a major issue of the coming presidential campaign. Republican candidate George W. Bush has come out in favor of allowing a portion of Social Security contributions to be invested in the stock market in what he calls Private Retirement Accounts (PRA). Bushs argument is that the market produces a return that is significantly higher than that produced by the current program. Hence, investing in the market in an individual account will provide a larger nest egg at retirement. The amount under the Bush plan is reported to be 2 percentage points of the current 12.8% Social Security tax. Not surprising, Al Gore, opposes the Bush proposal, calling it irresponsible and risky.

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