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Strategies & Market Trends : Mish's Global Economic Trend Analysis

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To: zonder who wrote (18182)	12/9/2004 12:10:01 PM
From: mishedlo	Read Replies (1) of 116555

Bush: No payroll-tax hike to fund Social Security Thursday, December 9, 2004 4:41:08 PM afxpress.com WASHINGTON (AFX) -- President Bush pledged Thursday that his administration would not increase payroll taxes to pay for his ambitious plan to reform Social Security "We will not raise payroll taxes to solve this problem," Bush told reporters in the Oval Office with Treasury Secretary John Snow at his side. "It's very important for those who have retired to recognize that nothing is going to change when it comes to Social Security. And it's very important for those who are near retirement to understand nothing will change," Bush said. Bush plans to revamp Social Security, established in 1935, because the program is predicted to become insolvent within two decades as baby boomers retire and strain the system Bush and his aides have not defined an age for "near retirement." "I think it's vital to consider allowing younger workers on a voluntary basis to set aside some of their own payroll tax in personal accounts as part of a comprehensive solution to dealing with the Social Security issue," Bush said.

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