Future concerns for Social Security Recipients

tinker with Social Security and mess it up it is a deathblow” Hedtke said.

When Hedtke says that there will be a “deathblow” he means with Social Security and politically as well. Political analysts say that if Republicans fix the Social Security problem, then Democrats will no longer be able to use Social Security as a platform.

JESS WEBB/PHOTO

President Bush is toying with several options to correct the Social Security shortage ranging from private accounts to changing payroll taxes.

SECURITY, page 1 the other hand, if Bush can figure out a way to strengthen the economy, private accounts could be a beneficial plan.

Currently, working Americans loose 6.2 percent of his or her paycheck to Social Security. If a person opens a private account, 4 percent out of that 6.2 percent will go to their private account and the other 2.2 percent will go to the Social Security pot since some will opt not to have a private account.

Financial advisers warn that if the economy does not change from its current state, those who have private accounts will not profit when they choose to retire. If the economy gets better than it is now, those with private accounts will get approximately $5,000 extra; however, if the economy gets worse, those with private accounts will loose approximately $2,000 dollars.

Dr. Jim Hedtke, a professor of history and political science, feels as though Bush is treating Social Security much like the present situation in Iraq. Hedtke said, “We just don’t know about certain parts of the plan. It’s like Iraq; we’re getting false information.

Hedtke also thinks that Bush is trying to make large changes too quickly, which could cause problems. Hedtke said, “If you

President Bush is optimistic, saying there are other options to fixing social security to ensure that those who come after the baby boomers receive retirement money.

One option is to increase the payroll tax from today’s 12.4 percent to 13.9 percent. Raising the payroll tax could make a large dent since more money would be put into the pot for later.

Asecond option would be to raise the annual cap on the amount of income subject to Social Security. Right now, those who make $90,000 and up pay one flat fee into the Social Security fund. If the cap is raised, then those who make