Bush Open on Social Security

WASHINGTON -- Facing a sharp decline in public support for its proposal to restructure Social Security, the Bush administration Wednesday signaled greater flexibility on the shape of an overhaul plan, The Associated Press reported.

The signal came from Treasury Secretary John Snow, who told reporters the administration was open to the idea of creating private investment accounts for younger wage earners outside the retirement system. Snow said that while President Bush preferred his original plan to fund private accounts from Social Security payroll taxes, he would not rule out financing them from a source other than the Social Security system.

"I think right now, the more ideas, the better," Snow said.

Polls show a drop in public backing for Bush on Social Security. A Feb. 16-21 survey released Wednesday by the Pew Center for People and the Press in Washington found that 46 percent of Americans favor Bush's private accounts, down from 54 percent in December. A Feb. 24-28 poll by CBS News and the New York Times, also released Wednesday, found that 31 percent had confidence in Bush's decisions on Social Security while 63 percent were uneasy, Bloomberg News reported.

-- NYSSCPA.org News Staff

Posted on 3/3/05