Republicans,including President George W.Bush,proposed solving the Social Security problem by

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Diversifying a portion of Social Security contributions to private retirement funds would allow individuals to invest their own money and potentially receive higher returns than the current system allows. This would also reduce the strain on the Social Security program by shifting some of the responsibility for retirement funding onto individuals. Cutting benefits or abolishing the program could have negative consequences for millions of Americans who rely on Social Security as their primary income source, while raising taxes could be unpopular and potentially harmful to the economy. Diverting funds to offset Medicare and Medicaid costs would not address the fundamental problems with the Social Security program.