Bush Admin. urges Social Security fix

[lovuian]

http://news.yahoo.com/s/ap/20070925/ap_on_go_ca_st_pe/bush_social_security

WASHINGTON - The Bush administration said in a new report Monday that Social Security is facing a $13.6 trillion shortfall in coming years and that delaying reforms is not fair to younger workers.


A report issued by the Treasury Department said that some combination of benefit cuts and tax increases will need to be considered to permanently fix the funding shortfall. But White House officials stressed that President Bush remains opposed to raising taxes.

Treasury Secretary Henry Paulson said he hoped the new report would help find common ground on the politically divisive issue, but a key Democrat charged that the administration will still try to fix Social Security by imposing sharp benefit reductions.

"The administration's new report is a reminder of President Bush's determination to not only privatize Social Security but to make deep cuts in the benefits that American workers have earned," said Senate Majority Leader Harry Reid, D-Nev. "Nobody should be fooled into believing that the only way to save Social Security is to destroy it with privatization or deep benefit cuts."

more...

I can't wait to see the Democratic Congress do this
Harry are ya gonna do it

[MadMaddie]

1. hmmm...he has walked all over them so far.....what's to stop him

from doing this? They shouldn't bring any SS bill to the table until he is out of office.

[BlooInBloo]

2. Whatever. They didn't give in last time, no reason to believe it'll be any different this time...

... No matter what doom&gloomers say.

[fenriswolf]

3. at last

one issue that trancends politics

[papau]

4. The always amazing "forever" nonsense - project deficits for the next 10,000 years and tell

folks that they must do something today.

Change the assumptions and you project surpluses for 10,000 years - but somehow we are never allowed to spend the money today

:-)

I bet the corporate financial press reporters will not speak to any actuary as to why these numbers are stupid.

[zeemike]

5. My guess is

That they will chip away at it by diverting some of the money to the stock market in "private accounts".
Wall street can't wait to get a piece of the action.