Finance Expert Questions Private Accounts("Democrat"Bob Pozen)

[Algorem]

http://www.sfgate.com/cgi-bin/article.cgi?f=/n/a/2005/05/19/national/w140730D95.DTL

The investment executive President Bush lauds while selling his Social Security overhaul suggested Thursday the White House drop its insistence on private investment accounts funded with payroll taxes if that prevents Democrats from supporting the effort.


Bob Pozen, whose concept of "progressive indexing" for future benefits has become an administration favorite, said lawmakers should instead focus on so-called add-on accounts, which are funded with other revenues. The Boston investment chief has suggested increasing investment in Roth IRAs by lifting the existing caps on them.


"Given the lack of bipartisan support for carve-out personal accounts, the president should not insist on carve-out accounts if the Democrats support an overall legislative package for Social Security reform that is otherwise satisfactory to him," Pozen, himself a Democrat, said in a statement issued after he made similar comments at a think tank in the capital.


A White House spokesman said Bush remains committed to the carve-out accounts because they are the best way to allow low-income workers to invest without affecting their take-home pay...

[Iowa]

1. If Pozen were the "expert" he claims to be...

he wouldn't have bought into this idiotic plan to start with. Furthermore, it's not "the Democrats" who have rejected this farce - it's the people. What a twit!

[Moderator]

2. kick to combine

[NNN0LHI]

3. Bush ally urges him to drop Social Security private account idea

http://www.alertnet.org/thenews/newsdesk/N19490924.htm

MILWAUKEE, May 19 (Reuters) - President George W. Bush on Thursday defended his plan to create private accounts out of Social Security, even as a prominent ally in his push to remake the retirement program suggested he drop the accounts idea.

Investment adviser Robert Pozen issued a statement saying Bush should indicate a willingness to back away from the private accounts if it meant he could get a deal to make other changes to Social Security.

"The president should not insist on carve out accounts if the Democrats support an overall legislative package for Social Security reform that is otherwise satisfactory to him," said Pozen. His plan to curb the growth of Social Security benefits for middle- and high-income workers was embraced by Bush at a news conference last month.

Pozen, who had served on Bush's Social Security commission, said there was a "lack of bipartisan support" for Bush's plan to let younger workers take part of their Social Security payroll taxes and invest it in stock and bond accounts.

more

[Daphne08]

4. He will be ignored.