In the midst of addressing Social Security reform today at a high school in Maryland, President Bush told an interesting story:
President Bush: "I'll tell you an interesting story. I was at an automobile plant in Mississippi...and I was with the line workers. And I said, how many of you all have 401(k)s? In other words, how many of you are managing your own money? And I bet 90 -- I didn't count, but a lot, 90 percent of the hands went up. These are people from all walks of life, all income groups. It's amazing how quick you become financially literate when you're watching your own money, in other words."
It's true too! The line workers at that automobile plant come from all walks of life and all income groups. Some are doctors, some are civil servants, some are line workers. And, similarly, some are in the top tax bracket, some are middle class, some are dirt-poor. So what unites them? Their love of monotonous but stressful assembly line work, and the financial independence they've achieved through personal retirement accounts. And it's that independence, of course, that allows them to pursue their passion for repetitive light manufacturing. How come the enemies of Social Security reform have such a hard time understanding this stuff? — GREG BEATO
President Participates in SS Conversation [White House]