Bush Says Private Accounts Offer Young Workers a ‘Better Deal'

NEW YORK -- President Bush said the government-run individual retirement accounts he is promoting across the country would offer younger U.S. workers a chance to save and invest outside the Social Security system, Bloomberg News reported Monday.

“We have the opportunity to offer younger Americans a better deal than the current system,'' Bush said in a speech at the South Carolina statehouse in Columbia.

The president is in the final leg of a 60-day effort to persuade voters and lawmakers that the country must address Social Security's future solvency now and to promote his proposal to create private investment accounts funded by payroll taxes. He then will pivot to focus on specific plans to fund the program in the future, his spokesman, Scott McClellan, said.

“Social Security has been a great success,'' Bush said. “The problem is that the government is making promises for younger Americans that it cannot pay for.''

-- NYSSCPA.org News Staff

Posted on 4/19/05