W backs way off on Soc Sec plan

nydailynews.com
W backs way off on Soc Sec plan

WASHINGTON - President Bush has all but conceded his plan for private accounts for Social Security is dead, admitting privatization won't save the federal retirement system.

"You can solve the solvency issue without personal accounts," Bush said in an interview with the Radio-Television News Directors Association.


Private accounts have been the cornerstone of Bush's Social Security plan, and the White House insisted he's not abandoning them. He still plans to talk up privatization as an option for young Americans, but his primary focus now will be on keeping the program healthy.

"The personal accounts, optional personal accounts, would make Social Security a much better option or deal for young workers, because you'd get a better rate of return," Bush said.

Kenneth R. Bazinet