Bush brings Social Security ideas to Nissan plant
Published 12:00 am Monday, May 9, 2005
CANTON &045; The problem has been identified, now it’s time to solve it, President Bush told a crowd of close to 2,000 Nissan workers in his visit to Canton Tuesday.
&uot;I see a problem in Social Security, and I believe I have a duty as president,&uot; Bush said. &uot;We are going to get the Social Security system fixed so you won’t sit up here with the next president and say the same thing.&uot;
Bush used a conversation with four Mississippi residents to outline his proposed personal savings account as a supplement to the current Social Security system.
The Mississippians who shared the stage and casual conversation with Bush represented different economic backgrounds and different parts of the state.
&uot;What I’m concerned about is my son and my daughter and my two grandsons,&uot; 84-year-old Deanie Smith told Bush.
The president, who had already removed his suit jacket and pronounced that he was overdressed, first assured Smith and others already receiving Social Security checks that those checks would continue to come.
&uot;I’d be more worried about your grandsons,&uot; he said. &uot;If you are a younger worker sitting out there you’ve got a serious problem facing you.
&uot;This is a generational problem, folks. Once we assure the grandmothers, they are going to say they are worried about their grandkids.&uot;
Bush’s plan of personal savings accounts would allow citizens to be responsible for their own money and watch it grow at a higher interest rate than a government account, he said.
&uot;First of all, it’s your money that you send to Washington,&uot; he said. &uot;It’s not Washington’s money. We kind of like to spend it, but it’s your money.&uot;
Interest rates for personal accounts would be around 4 or 5 percent as opposed to the 1.8 percent rate on the government’s Social Security account.
Bush proposes having one-third of a person’s income in a savings account by retirement time by redirecting a portion of payroll taxes on a voluntary basis.
&uot;This is not a new idea,&uot; he said. &uot;Federal employees do it now, senators, congressmen. If it’s good enough for them it ought to be good enough for Nissan plant workers.&uot;
Bush said he’d like to see America’s citizens have ownership of their own money and be able to leave it to whomever they choose when they die.
&uot;The more the government trusts people with their own money the better off the country is going to be.&uot;
Cynthia Roberts, a human resources representative for Nissan and one of the four who talked on stage with Bush, said she was preparing now for a future without Social Security. Roberts has a 401K with Nissan and said she watches the account closely.
&uot;I can’t tell you how good it is for the country to be sitting next to (Roberts) and talking about watching her assets grow,&uot; Bush said. &uot;The government can’t take that away. It’s her money.&uot;
Bush said the solution to the Social Security problem was a non-partisan issue and was hopeful Washington leaders would be able to show America that they can put politics aside.
Natchez native and Nissan employee Clinton Heard was among the group who heard the president speak.
&uot;It’s a good program for a young guy like me,&uot; said Heard, 28, a process engineer in the paint plant. &uot;It only makes sense to do a private account sort of thing. When it comes time to retire there’s not going to be any money for me and the policy he’s speaking about sounds good, even thought I’m sure there’s some kinks to be worked out.&uot;
In addition to plant workers, Bush’s audience included Gov. Haley Barbour, Sens. Trent Lott and Thad Cochran and Reps. Roger Wicker and Chip Pickering.
Bush arrived on Air Force One at the Jackson Air National Guard Facility. The Mississippi stop was part of his nationwide tour to promote his Social Security plan.