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Strategies & Market Trends : Mish's Global Economic Trend Analysis
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To: CalculatedRisk who wrote (24121)2/22/2005 5:12:10 PM
From: mishedlo  Read Replies (1) of 116555
 
Snow going on the road to promote Social Security plan
Tuesday, February 22, 2005 9:37:58 PM
afxpress.com

WASHINGTON (AFX) -- Treasury Secretary John Snow will visit Florida this week to promote President Bush's plan to shore up the Social Security system. Snow will speak on Thursday and Friday about Bush's plans to allow workers to divert some of their wages into private accounts, which has drawn opposition from Democratic lawmakers. Snow will emphasize that Americans currently 55 and older will see no change in their Social Security benefits, Treasury spokesman Rob Nichols said Tuesday. The Treasury secretary will speak to local chambers of commerce in Tampa and Jacksonville, Florida. Under the plan outlined by White House officials earlier this month, the plan would be phased in between 2009 and 2011 for workers currently 55 and younger. Eligible workers would be able to divert up to 4 percent of wages, or nearly two-thirds of their share of Social Security payroll taxes, up to a maximum of $1,000, into private accounts. The cap would move higher each year

Democrats charge that Bush's approach will erode the safety net provided by Social Security while providing a potential bonanza to investment firms. This story was supplied by MarketWatch.
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