Bush opened the GOP to attacks that the party is hostile to Social Security , because he used rhetoric that was explicitly hostile. He used a sound bite developed by libertarian Koch Brothers - that Social Security is supported by nothing except “IOUs”. But those “IOUs” are federal treasury bonds. To call them meaningless worthless scraps of paper, which Bush implied they are, is to cal the treasury bonds that are in peoples retirement plans “IOUs”. It’s dishonest, unless you think your own treasury bonds are risky scraps of paper.
Bush didn’t do the GOP any favors.
The funds are not in treasury bonds, they are iou's, kinda like crypto. There is no trust fund.