CNN/Reuters give Balanced Report on Bush/Social Sec. - the AP does not

[papau]

While the CNN Broadcast was biased - using only poorly done/explained CATO material spokespersons, the CNN/Money web site had a fair and balanced report.

http://money.cnn.com/2005/01/11/retirement/bush_townmeeting/index.htm?cnn=yes

Bush pitches private accounts
President moderates panel discussion with citizens who favor overhauling Social Security.
January 11, 2005: 1:15 PM EST
By Jeanne Sahadi, CNN/Money senior writer

NEW YORK (CNN/Money) - President Bush on Tuesday turned up the volume on his pitch for private accounts in Social Security in a panel discussion with ordinary Americans.

The president used the forum as another opportunity to reiterate his views on why he believes Social Security is in need of an overhaul.

Bush characterized as a crisis the eventual shortfall in the system -- when Social Security takes in less revenue than it must pay out -- which will be due in part to a declining number of workers supporting the pool of retirees receiving benefits.<snip>

Nevertheless, the CBO estimates the system will be able to afford to pay retirees about 80 percent of promised benefits, which in real-dollar terms will still be higher than what today's retirees receive.

Critics of privatization proposals note that such projections should put to rest any notion that younger workers won't receive any money from Social Security when they retire.<snip>

But he did not address other "fixes" that may be needed to resolve the system's solvency issues, fixes that are likely to cut future retirees' benefits.<snip>

[papau]

1. Reuters reports Bush day and Soc Sec- but includes fact others say it's BS

Of course the Reuters headline writer was a bit unbalanced...sigh

:-)

http://story.news.yahoo.com/news?tmpl=story&cid=584&ncid=584&e=1&u=/nm/20050111/pl_nm/retirement_bush_dc

Bush Paints Dire Picture of Social Security Future

By Caren Bohan

WASHINGTON (Reuters) - President Bush warned younger workers on Tuesday of a grim future for their Social Security benefits in a bid to counter increasingly vocal opposition to his plan to add private accounts to the retirement program.

As he launched his campaign to sell the issue in Congress amid wariness of even some of his fellow Republicans, the president did not offer any new details on how he would revamp the 70-year-old retirement program.

The president used the word "bankrupt" five times to raise alarms about the finances of Social Security decades into the future.

Critics contend he is exaggerating the program's woes, which some say could be fixed with relatively small adjustments and without a shift to private accounts. <snip>

[papau]

2. But the AP report is spun to be lacking in critics comments

Levin got a quote in - but none of the data that proves Bush a liar was explored.

http://story.news.yahoo.com/news?tmpl=story&cid=536&ncid=536&e=5&u=/ap/20050111/ap_on_go_pr_wh/bush_social_security

Top Officials Used in Social Security Push

Tue Jan 11,11:48 AM ET Politics - AP


DEB RIECHMANN, Associated Press Writer

WASHINGTON - Gearing up for a fight in Congress, President Bush on Tuesday pushed his plan to overhaul Social Security and expressed confidence that he'll be able to convince skeptics that creating private investment accounts is the way to do it.

"Most younger people in America don't think they'll see a dime," Bush said at an event, kicking off what will be a series of appearances by his top officials to help convince the public and lawmakers that the retirement system needs fixing. My attitude is once we assure the seniors who receive Social Security today that everything is fine I think we've got a shot to get something done," Bush said.

Social Security is projected to start paying out more in benefits than it collects in taxes in 2018, according to Social Security trustees, and can pay full promised benefits only until 2042. The nonpartisan Congressional Budget Office has projected that the program will be solvent until 2052.
<snip>

They do it by diverting money to private accounts and by cutting guaranteed benefits," Levin said. "And that would wreck a program that's now providing secure income ... to 48 million people." <snip>