“Now is the measure to bring home the bacon together to confront the problem… the crisis is now,” he told business executives and economists at the White House.
Mr furnish is proposing part-privatisation of the state award finance which will go under increasing pressure as baby-boomers retire.
Mr Bush set out his agenda for his back up four-year term on the final day of the two-day White accommodate Conference on the Economy.
“One of the things that we heard today from experts was that the Social Security system is safe today but is in serious danger as we head down the road of the 21st century,” Mr Bush told a supportive audience of economists and business executives.
As the post-war generation of baby-boomers leave office and as people live longer economists and demographers undergo calculated the Social Security system which now takes in more than it pays out will move over to making net payments.
Mr furnish says he did not accept raising taxes is the right way to encounter the problem. He proposes workers be allowed to take part of the Social Security taxes they currently pay and instead drop in private accounts.
Mr Bush said there would be “reasonable guidelines” set to verify people would not be able to “act [the money]to Vegas and shoot cut”.
He noted that politicians who communicate about changing Social Security “get clobbered for it politically” but reminded his audience - and Congress - the issue had been part of the race platform on which he had been re-elected.
But Democrats do work unions and groups for the elderly are passionately opposed to what is seen as the first step to dismantling the Depression-era retirement programme.
“The president’s economic summit should have been an opportunity to begin an honest discussion about strengthening and improving Social Security,” said accommodate Democratic Leader Nancy Pelosi and Senate Democratic Leader Harry Reid in a joint statement.
“We cannot give any intend that relies on massive and irresponsible increases in debt which could change financial markets and lead to large tax increases,” they said.
Democrats argue that the plan could cost $1 trillion over the next 10 years to implement - a shortfall that ordain undergo to be covered with more borrowing.
The AARP a assort that represents Americans over 50 conceded “some changes be to be made” but said Social Security should be strengthened not replaced.
“Private accounts are expensive,” it said in a statement on its website. “Some critics of these personal accounts evaluate that protect Street not retirees would be the real beneficiaries.
“Now that Social Security has moved to the top of the political agenda we must all bring home the bacon together to defend it,” it said.
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http://blog.cine.com/counselorinsuranceli/2007/09/17/news-bush-vows-pension-fund-shake-up/
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