Marina Herrera Director, Development and Communications | Rio Grande Foundation
Efforts to reform Social Security during the George W. Bush Administration were unsuccessful, according to a report by the American Enterprise Institute. The Rio Grande Foundation has highlighted this issue as significant for all Americans, despite its focus on New Mexico's problems. A chart from the Committee to Unleash Prosperity indicates that if Congress had approved Bush’s proposal for private Social Security accounts, recipients would have seen better returns on their investments.
The proposed reform aimed to invest funds rather than spend them, potentially improving financial outcomes for beneficiaries. However, the plan was ultimately rejected, leaving Americans with a $28 trillion unfunded obligation in the program. Currently, there is little political will from either party to tackle the complex challenge of reforming Social Security.
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