Bush May Back Curbs on (Social Security) Accounts

[truthpusher]

http://www.washingtonpost.com/wp-dyn/articles/A52565-2005Jan31.html?nav=rss_politics

Bush May Back Curbs on Accounts
President Courts Critics Of Social Security Plan

By Jim VandeHei and Jonathan Weisman
Washington Post Staff Writers
Tuesday, February 1, 2005; Page A04

President Bush is privately expressing support for limits on the cost and risk of partially privatizing Social Security, in an effort to mollify nervous Republicans and win over dubious Democrats, according to White House aides and congressional Republicans.

Bush, who plans to make Social Security the centerpiece of tomorrow's State of the Union address, has privately told GOP lawmakers and aides that he would support phasing in changes to the system to keep deficits under control over the next several years and push individuals who opt for private accounts into more conservative investments, such as bonds, as they near retirement to mitigate long-term risks, the sources said.

In addition, Bush has expressed strong support for protecting lower-income workers from the brunt of any future reductions in benefits, a chief concern of Democrats. The Treasury Department is doing a budget analysis to determine how many lower-income Americans could be shielded from benefit cuts necessary to offset the overall cost of creating private accounts, the officials said.

"The administration as a whole is committed to an unprecedented effort to better communicate the proposal," especially its limits on cost and risk, said Rep. Rob Portman (R-Ohio), a top White House adviser.

story:
http://www.washingtonpost.com/wp-dyn/articles/A52565-2005Jan31.html?nav=rss_politics

[Kimber Scott]

1. No Enron's in charge of our retirement!

Lipstick on this pig ain't going to work!

[lovuian]

2. Bush is a Liar and can we trust a Liar who told us WMD

I don't!!!

[dweller]

3. yeah, right.

he'll clean up later.
dp

[napi21]

4. This whole privitization idea sucks!

I can only hope enough people contact their Reps & Sens and let them know they don't want it!

Set up a privatized tax free savings plan if they want. The people with the disposable income to contribute to it can do it.

We have consistently increased the cap on wages subject to SS. Increase it again!

I really think shrub has over-reached on this one, and it will be the downfall of his admin.

[LynnTheDem]

5. Bottom line: If the economy will grow to yield high stock returns, then

the economy will ALSO grow enough to take care of social security AS IT IS.

bush is LYING. As always.

[TahitiNut]

6. That's only if labor gets fair compensation.

The bedrock of Social Security is the payroll tax. As labor gets a smaller and smaller share of the wealth they create, payroll taxes decline in comparison to both inflation and wage indiexing (which includes the highly compensated).

We can see these decline in both Bushoilini adminstrations ...

[loudsue]

9. The SIMPLEST, CHEAPEST way to fix Social Security....

not that it's really broken, mind you,

But ALL Americans should pay the same rate of Social Security taxes as every other American. That means the folks who make over $87,000, where I believe the cut-off is now, should pay the same percentage as everyone else.

Those $10-million CEOs should ALSO pay the same percentage. There should be NO cut off at any salary level.

That wouldn't cost $2-TRILLION to implement like the republican plan, it would simply put the needed money into social security!! And Social Security would remain solvent for a hundred years.

The Dems need to talk this up, so that the public can begin to see that the higher income people are getting more breaks than they need.

:kick::kick::kick:

[Sandpiper]

7. No matter how gradually he phases it in, it won't change one basic fact

Privatization will take money out of the system that will have to be replaced by:

1) Borrowing

2) Benefit cuts

3) A combination of the two


This is pure snake oil he's trying to sell.

[SoCalDem]

8. If they are going to have a "floor" and be regulated, why bother

messing with them at all..That's what we have NOW....:eyes:

This whole fiasco is "payola" to Wall Street.. plain and simple..

What would "cure" SS:

no upper salary cap
make the employer part of SS tax deductible..

Those two things would help a lot :)