President Bush Pushes for Social Security Overhaul

President Bush has called on Congress to work together to permanently solve the Social Security system's funding gap, despite polls showing declining public support for his proposal to establish private accounts. Bush acknowledged that his plan does not address the long-term cash shortfall in the system, but rather would provide individual workers with a better deal. Meanwhile, the president announced the nomination of Deputy Defense Secretary Paul Wolfowitz to head the World Bank, a move that has generated negative reaction overseas.

Key Takeaways:

• President Bush has yet to propose specific solutions to address the Social Security system's funding gap, despite his repeated calls for Congress to work together on the issue.
• A recent ABC News/Washington Post survey shows that only one in three Americans approve of the president's handling of the Social Security issue.
• Bush acknowledged that his proposal to establish private accounts does not solve the long-term cash shortfall in the system.
• The president nominated Deputy Defense Secretary Paul Wolfowitz to head the World Bank, a move that has generated negative reaction overseas.
• Bush expressed confidence in the leadership of House Majority Leader Tom DeLay, who is facing allegations of ethical violations in his foreign travel and fund-raising practices.
• The president emphasized the importance of working together with members of Congress to find a permanent solution to the Social Security issue, but has yet to lay out a specific plan.

Statistics:

• Only 33% of Americans approve of the president's handling of the Social Security issue (ABC News/Washington Post survey).
• The Social Security system is projected to face a cash shortfall in the long term (source: White House).
• Deputy Defense Secretary Paul Wolfowitz has 20 years of experience in government service, including serving as ambassador to Indonesia (source: White House).
• The World Bank's governing board will review Wolfowitz's nomination before his appointment is confirmed (source: White House).

Sources:

• ABC News/Washington Post survey
• White House news conference and statement
• NPR News, Don Gonyea report