Bush Promotes Social Security Plan

[Rose Siding]

WASHINGTON - President Bush (news - web sites) made a fresh push Saturday for a new Social Security (news - web sites) plan in which Americans would be allowed to channel a small portion of their income into "personal savings accounts," warning that inaction could end the retirement system.

"The system is headed towards bankruptcy down the road," Bush said in his weekly radio address. "If we do not act soon, Social Security will not be there for our children and grandchildren."

Bush reiterated that he will not finance the estimated $2 trillion cost of overhauling Social Security with increased payroll taxes; nor will he allow a change in benefits for retirees or those about to retire.

The president did not specify how he would pay for the changes. Administration officials have said enormous new government borrowing is all but certain.
...
The heart of Bush's proposal is the notion of allowing workers to put some of their money into the personal savings accounts — a step critics say would siphon money from a program that needs it.

http://story.news.yahoo.com/news?tmpl=story&cid=544&ncid=703&e=2&u=/ap/20041211/ap_on_go_pr_wh/bush_social_security