home | banking | car | college | credit/credit card | economy | home/mortgage | insurance | investment | retirement | spending | tax | et cetera

December 7, 2004 06:26 PM

Bush To Borrow To Fix Social Security


Excerpt: President Bush expects the federal government will have to increase its borrowing to pay for transition costs associated with adding personal retirement accounts to Social Security, White House spokesman Scott McClellan said Monday.


President Bush expects the federal government will have to increase its borrowing to pay for transition costs associated with adding personal retirement accounts to Social Security, White House spokesman Scott McClellan said Monday.

"The Social Security system is unsustainable. It needs to be fixed," McClellan said. Asked if the "upfront transition" costs meant more government borrowing, he said "that's what you're looking at doing" to sustain the 70-year-old government-sponsored pension system.

The disclosure disturbed Robert Bixby, executive director of the Concord Coalition, who said the White House is avoiding difficult policy choices by borrowing more money to fix the system.

"Ideally, Social Security reform should be done without any borrowing. That would require hard choices that politicians aren't inclined to make," Bixby said.

Read Full Story ...



Last-Minute Retirement Planning (December 12, 2004)
THE BEST WAY TO save for retirement is to diligently sock away dollars starting with your very first paycheck and stopping only once the champagne is served at your retirement party. Too bad it doesn't always work out that way. On the road to a ...
Small Change Adds Up To Big Savings (December 09, 2004)
Pennies for a rainy day are nice, but there are easy ways to save much more that that for a sunny future. Glinda Bridgforth and Gail Perry-Mason, authors of the new book "Girl, Make Your Money Grow!" recommend starting small. Putting aside even a dollar ...
Moving Smoothly Into Retirement (December 07, 2004)
Retirement is on the horizon. You've planned diligently for the day you can quit working and start enjoying your post-employment lifestyle. But the actual mechanics of moving from collecting a paycheck to retiring on your savings and, for some lucky retirees, a pension, is more ...
Get Healthy, Get Wealthy (December 06, 2004)
As the time for New Year's resolutions approaches, many people will put healthier habits at the top of their list, only to abandon those lofty goals by Jan. 2. But most folks agree that money talks, and these days there are plenty of financial incentives ...

Read all 23 posts in the same category of Retirement:

Bush Says Social Security Plan Would Reassure Markets - Dec 17, 2004
Are You Ready To Retire? - Dec 13, 2004
Last-Minute Retirement Planning - Dec 12, 2004
Small Change Adds Up To Big Savings - Dec 09, 2004
Moving Smoothly Into Retirement - Dec 07, 2004
Get Healthy, Get Wealthy - Dec 06, 2004
Five Books to Retire By - Dec 05, 2004
Tax Policy Promotes Early Retirement - Dec 02, 2004
Fidelity Analyzes Pension Performance - Dec 02, 2004
Social Security COLA Increase Looks Puny - Dec 02, 2004
No More IRA Leniency - Nov 29, 2004
To Yield A Good Retirement, Get Real, And Work It Out - Nov 28, 2004
Social Security Reforms On The Way? - Nov 26, 2004
Some New Ways To Preserve Your Retirement - Nov 23, 2004
Living Trust Offers: How to Make Sure They're Trust-Worthy - Nov 22, 2004
How to Forecast a Lifespan - Nov 21, 2004
Be Happy, And Put Retirement Fears to Rest - Nov 21, 2004
Seven Ways to Stop Saying 'Oops!' - Nov 21, 2004
Retirees Don't Have to Be So Frugal: A Case for Withdrawing Up to 6% a Year - Nov 17, 2004
How to Avoid Living Like a Poor Student at Age 70 - Nov 09, 2004
What Social Security Might Look Like - Nov 09, 2004
Are You Retirement Ready -- Or Not? - Nov 03, 2004