I am for this if they really, really, tie up the money. The ones that need it the most will spend the principle otherwise.
THIS STORY HAS BEEN FORMATTED FOR EASY PRINTING
Bush prepares Social Security strategy
By Leigh Strope, Associated Press, 11/18/2003
WASHINGTON -- With the stock market climbing and a reelection campaign approaching, the Bush administration is renewing its push to overhaul Social Security with personal investment accounts.
The Social Security Administration, with AARP and the National Association of Manufacturers, is organizing town hall meetings across the country to increase public support for changes.
Supporters of personal accounts say President Bush's political advisers have been urging them to increase their efforts in battleground states with debates, speeches, and fund-raisers.
For Bush's reelection, "Social Security is going to be an issue whether they run on it or not," said Derrick Max, director of the Alliance for Worker Retirement Security, which was founded by the manufacturers association as an advocacy group for personal accounts. "I think they wisely understand they'd better be out front on it."
Senator Lindsey Graham, Republican of South Carolina, is expected to introduce a bill today in an effort to revive the debate about whether younger workers should be allowed to invest part of their payroll taxes in the stock market. His plan, many activists think, could serve as a foundation for legislation in 2005 if Bush is reelected.
Bush, who campaigned on the idea in 2000, has identified Social Security reform as a key legislative issue for his second term and intends to run on it again in next year's campaign, said Graham, who spoke with the president about the issue and his own plan last week at a South Carolina fund-raiser.
"He says this is a winning issue; people will embrace this idea if we're bold enough to lead on it," Graham said. "He's the key to this because to get the public behind something new, you're going to need presidential support."
Bush appointed a White House commission in 2001 to study ways to shore up future funding for Social Security using private investment accounts. He was heavily criticized for naming only supporters of accounts to the panel.
The group proposed three plans but did not identify funding to implement the proposals. The issue got sidelined with the Sept. 11 terrorist attacks later that year, combined with a poor economy and slumping stock market.
Heading into the campaign, the White House wants to be able to check off major legislation it has achieved: education reform, tax cuts and economic recovery, homeland security, and potentially an energy plan and a Medicare prescription drug benefit.
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