Al Gore's Graduation Gift to the Class Of 2000? A Bankrupt Social Security System

The Year They Retire

AUSTIN, TX - Texas Governor George W. Bush today pointed out that even if Al

Gore's plan to "save" Social Security worked, his gift to the 2.7 million high

school seniors graduating this year would be a system they pay into every day of

their working lives that goes broke the year they retire.

Al Gore's plan would, even if you accept his assumptions, push Social Security's

bankruptcy date back only 13 years, to the year 2050. That means Al Gore will put

this important program on a course to go broke just as today's high school

graduates reach the age of retirement, leaving them with nothing to show for

their lifetime of contributions. Under his plan, massive tax hikes and benefit

cuts are inevitable.

"The graduates of 2000 deserve to have a president who will exercise leadership

on the issue of Social Security so that it is protected not only for current and

near retirees, but also for future beneficiaries. I will not play politics with

Social Security's future," said Gov. Bush. "I will work with Republicans and

Democrats together to protect and reform the system."

"Republicans and Democrats agree that bipartisan leadership is needed to

modernize the Social Security system with an eye toward the future. There is

bipartisan support for allowing individuals to choose to control their own

personal retirement accounts that have a greater rate of return and will help to

augment the Social Security safety net," said Gov. Bush. "Al Gore should put

politics aside and join the bipartisan effort to protect and preserve this

important system."

Background Facts:

"According to the Social Security actuaries, Social Security payments will exceed

Social Security taxes beginning in 2015. By 2037, the Social Security trust fund

will be completely exhausted." (2000 Annual Report of the Board of Trustees of

the Federal Old-Age and Survivors Insurance and Disability Insurance Trust Funds)

"…Gore says Social Security will be solvent until 2050. It is now projected to

become insolvent