WASHINGTON, Jan. 15 (UPI) -- U.S. President Bush outlined his plan to secure Social Security with current benefit levels, no payroll tax rise and partial private investment accounts.
Bush's Saturday radio address completed a weeklong blitz by members of the administration setting the stage for Social Security reform. The groundwork included speeches by Vice President Dick Cheney and Office of Management Budget Director Josh Bolten.
The president has used the term "crisis" for the impending state of Social Security. Democrats prefer the word "challenge," saying "crisis" is too strong. Bush used both terms in his weekly radio address, referring to a "looming challenge."
"Every year we put off the coming crisis, the higher the price our children and grandchildren will have to pay," Bush said. "According to the Social Security trustees, waiting just one year adds $600 billion to the cost of fixing Social Security."
Bush said his plans include secure benefit levels for those receiving benefits or who are soon to retire. Bush said any increase in payroll taxes would slow U.S. economic growth, so he has ruled that out. The third part is the most controversial: "We must give younger workers -- on a voluntary basis -- the option to save some of their payroll taxes in a personal retirement account," he said.
