WASHINGTON, Dec. 13 (UPI) -- U.S. Comptroller General David Walker warns a restructuring of Social Security is needed to deal with the increasing federal budget deficit.
Congress Daily reported Monday the director of the Government Accountability Office says dealing with fiscal problems facing government programs aimed at the elderly is important because the increasing number of retirees who will receive benefits from the programs adds to federal spending.
Calling the federal deficit, which is 3.6 percent of the gross domestic products, "unacceptable, outrageous and irresponsible," Walker said the Bush administration's proposal to add private retirement investment accounts for younger workers could help minimize the impact of the needed change on individuals.
But he also cautioned such accounts are "not a panacea," noting other changes, such as raising the retirement age would also be needed.
President Bush has pledged not to lower benefits for those near or at retirement, nor increase payroll taxes to pay for the estimated $1 trillion to $2 trillion (over 10 years) cost of implementing private investment accounts under the program.
