Final answer:
To 'strengthen and save' Social Security, President George W. Bush pushed for personal savings accounts, allowing individuals to invest a portion of their Social Security withholdings into the stock market. This proposal faced strong opposition, and the plan did not pass. Alternative solutions for securing Social Security's future have yet to gain significant support.
Step-by-step explanation:
President George W. Bush's Proposal to Strengthen Social Security
In an effort to strengthen and save Social Security, President George W. Bush proposed the partial privatization of the system during his second term. After his 2004 reelection, he initiated a high-profile campaign, which included a "60 Cities in 60 Days" tour, to drum up support for his plan. His proposal entailed allowing individuals to invest roughly a third of their Social Security withholdings into personal (private) savings accounts, with a range of investment options such as the stock market. President Bush warned that the Social Security system was in a perilous condition, predicting that by 2033, payroll taxes would no longer cover the costs due to demographic changes like an aging population and slower population growth.
This proposal was met with significant resistance from Democrats, interest groups such as AARP, and experts in Social Security policy who provided counterarguments against the feasibility and benefits of the privatization plan. The Bush administration's arguments leaned on the concern that the changing demographics would make the system unsustainable for future workers. However, the effort to overhaul Social Security ultimately failed, and the system's long-term solvency remains in question.
Other suggestions to save Social Security have included raising the retirement age, increasing payroll taxes, or reducing payouts for wealthier retirees, yet none of these proposals have garnered substantial support. The Bush administration's push to convert Social Security into a private-market mechanism was criticized for potentially transforming the New Deal welfare agency into a profit generator for financial institutions, rather than serving its original mission to support the elderly and vulnerable populations.