Q: Heidi from Grafton, WI:
My mother called me in a panic today, because she heard that President Bush has a plan to privatize Social Security. Is this right?
A: Suzy DeFrancis, Deputy Assistant to the President for Communications:
The President does not favor privatizing Social Security. There will be no changes in benefits for those now in or near retirement.
Under the President's vision for Social Security, the publicly administered Social Security system would still be there. The President favors increased personal ownership and control within Social Security for younger workers.
The President favors giving younger workers the opportunity to save a portion of their Social Security payroll taxes in a personal account which they would own and control, and could use to build a nest egg for their retirement, which they in turn could bequeath to their loved ones.
[snip]
A number of plans have been put forward that would ensure that full benefits are paid to today's retirees, fix the program for future generations, and give young workers the opportunity to have a Social Security personal account. Each of these proposals would fix the system permanently at less cost than the cost of sustaining the system permanently as it is currently structured.
To repeat: The President has promised that there will be no changes in benefits for those who are now in or near retirement. He also does not favor privatizing Social Security. Those who would say otherwise are scaring our seniors without foundation.
See, the president doesn't favor privatization. He favors personal accounts that workers would control and bequeath to their children (tax free?).
10:53:51 PM 
