runell tor the Emeralc
Meeting with the press, Gov. Bush dicusses his Social Security package, which includes an option for individual investment.
Bush
continued from page 1
gon voters are evenly split be
tween the two candidates, accord
ing to polls.
After the panel discussion,
Bush held a press conference in
which he was asked if he support
ed the bill banning physician as
sisted suicide in Oregon and a bill
Smith is sponsoring to increase
the availability of DNA evidence.
Bush said he supports both bills
and did not address any other state
issues.
Bush said the intent of the visit
was to help solve the question of
“how to make sure Social Security
fulfills its promise for seniors to
day and workers tomorrow.”
Social Security costs are expect
ed to exceed its income in about
20 to 30 years. Bush’s proposal to
solve this possible crisis is to al
low young workers the choice of
remaining with the current Social
Security system or investing some
of their wages into personal sav
ings accounts, which would sup
plement their Social Security ben
efits.
By doing so Bush said he was
placing his trust in the American
worker, who he believed could
make sound financial decisions.
He also said the rate of return from
private investment would be
much greater than the average re
turn of 2 percent from Social Se
curity, which he dismissed as be
ing poor in the current market.
While Bush said he might not
have all the answers to the Social
Security dilemma, he said it was
imperative for the nation to make
the first step toward a solution or
the only answer left will be “high
er income taxes or decreased bene
fits.”
“The government has done a
paltry job of investing your mon
ey,” he said.
Smith said he strongly support
ed Bush’s Social Security plan be
cause he believed making person
al investment accounts were in the
same spirit of early settlers who
traveled west on the Oregon Trail
to make their own destiny.
“The spirit of the Oregon Trail is
still alive,” he said.
Smith advocated the inclusion
of prescription benefits in
Medicare. He said he felt a drug
benefit needed to be added and
said Congress was working on a
The government has
done a paltry job of in
vesting your money.
George Bush 44
Texas Governor //
solution that could “reduce drug
costs and keep people out of hos
pitals.”
Gunderson Inc. employees who
participated in the panel discus
sion about their company’s 401 (k)
investment plan said they were
satisfied with the program and
therefore supported Bush’s plan of
personal savings accounts.
Near the end of the panel dis
cussion, Bush played a video of
Gore at a Jan. 27,1999, Social Se
curity round table discussion stat
ing that “returns on equities are
just significantly higher” than oth
er returns. Bush said that in the
light of these past comments, Gore
had “changed his tune” and began
to support preserving the current
Social Security system.
A subsidiary of Greenbrier
Companies based in Lake Oswego,
Gunderson Inc. produces railroad
freight cars and marine barges.
The company employs 1,300
workers, 70 percent of which in
vest an average of 8.5 percent of
their wages into the company
401 (k) plan. Currently, nearly $30
million has been invested in the
plan through a dozen mutual
funds. The company also matches
employee’s contributions to their
own retirement plans.
John Halverson, a foreman in
the factory and resident of Port
land who invests 18 percent of his
wages into the 401(k), said he
liked the investment plan because
he controlled it himself and could
pass it along to his children. A self
proclaimed supporter of small
government, Halverson said he
supported Bush before he came to
the factory, and the Texas gover
nor’s visit only strengthened that
support.
A forklift operator from Scap
poose, Clair McGavin, was in the
crowd of Gunderson Inc. employ
ees who listened to the panel dis
cussion. He said he enjoyed
Bush’s visit because he found it to
be informative.
“It gave us the thought he really
does listen,” he said.
Jeff Tanzer, a recruiter for Gun
derson Inc., said he liked invest
ing in the company’s 401(k) be
cause it gave a high rate of return
that was pretty dependable. He
also liked being able to take im
mediate control of his funds.
“It’s fun; I can go on-line and
make changes overnight,” he said.
Before the discussion ad
journed, Tanzer said he had one
last question, and asked Bush to
spell “potato” to which the gover
nor laughingly replied, “and
who’s the president of Pakistan?”
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