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November 26, 2004 08:35 AM

Social Security Reforms On The Way?


Excerpt: President Bush has pledged to move quickly in the New Year to overhaul Social Security but the White House is still debating the best way to reform the creaking system, administration officials and Republican sources say.


President Bush has pledged to move quickly in the New Year to overhaul Social Security but the White House is still debating the best way to reform the creaking system, administration officials and Republican sources say.

While a campaigning Bush called for allowing young workers to put a portion of the payroll taxes they now pay to fund the federal retirement benefit program into private accounts, he has never publicly offered a detailed plan.

"There is a debate going on right now about exactly what they should do and how they should do it," said Peter Ferrara of the International Center for Law and Economics.

Administration officials said they had yet to decide whether to propose specific legislation or simply broad principles that could guide the process.

Some lawmakers are urging Bush to offer a detailed plan to address the system's woes before a graying army of retiring baby boomers drains it of funds.

However, sources say many in the administration favor the use of broad guidelines, which could help insulate Bush from controversy and increase his flexibility in congressional negotiations.

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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
Bush To Borrow To Fix Social Security - Dec 07, 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
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