Charge Gore with Failing to Save Social Security

Governor George W. Bush's Social Security plan was endorsed today by eight Cabinet Secretaries and two Social Security Commissioners, each of whom was a Social Security trustee during their tenure in office. Governor Bush's plan was endorsed because it "protects the full value of benefits promised to current retirees and those near retirement and helps preserve Social Security for future generations." However, "Vice President Gore would not reform Social Security, and his plan does not enhance the ability of the federal government to pay benefits in any way," the former trustees state.

To view Governor Bush's views on Social Security, click here. (VIDEO)

Those endorsing Governor Bush's plan include James A. Baker, III, former Secretary of the Treasury and Social Security Trustee; Nicholas F. Brady, former Secretary of the Treasury and Social Security Trustee; William E. Brock, former Secretary of Labor and Social Security Trustee; Elizabeth Dole, former Secretary of Labor and Social Security Trustee; Dorcas R. Hardy, former Commissioner of Social Security and Social Security Trustee; Ann McLaughlin, former Secretary of the Labor and Social Security Trustee; Donald T. Regan, former Secretary of the Treasury and Social Security Trustee; Richard S. Schweiker, former Secretary of HHS and Social Security Trustee; George P. Shultz, former Secretary of the Treasury and Social Security Trustee; and John A. Svahn, former Commissioner of Social Security and Social Security Trustee.

The following is a transcript of the letter endorsing Governor Bush's Social Security plan.

Governor Bush's Plan to Strengthen Social Security

We enthusiastically endorse the Social Security reform plan set forth by Governor George W. Bush. His plan protects the full value of benefits promised to current retirees and those near retirement and helps preserve Social Security for future generations by allowing younger workers to voluntarily invest a portion of their payroll taxes in personal retirement accounts.

Recent charges by Vice President Gore that Governor Bush's plan would place the Social Security benefits of current retirees at risk are false and utterly without foundation. The Governor has pledged to maintain all Social Security benefits for current retirees and those near retirement. His promise can and will be kept.

Social Security is now running a significant surplus and, according to the Social Security trustees, is expected to continue to run surpluses for the next 25 years. Social Security surpluses, by definition, are excess funds not needed to pay benefits promised to current retirees. The Governor has proposed that younger workers be allowed to use a portion of these surpluses to invest in broad-based, safe, and secure stock and bond funds.

Governor Bush's Social Security plan will give younger workers a greater opportunity to build financial wealth and retirement security. The higher returns earned on personal accounts will help preserve Social Security for future generations without the need to raise taxes.

Vice President Gore would not reform Social Security, and his plan does not enhance the ability of the federal government to pay benefits in any way. Responsible leadership requires taking this opportunity to put Social Security on sound financial footing. Sadly, the Vice President would let the opportunity pass.

We urge all Americans to join us in supporting Governor Bush's plan to save and strengthen Social Security.