Tags: Bush | Unveils | Social | Security | Commission

Bush Unveils Social Security Commission

Wednesday, 02 May 2001 12:00 AM

Former Sen. Daniel Patrick Moynihan, D-N.Y., and AOL Time Warner top executive Richard D. Parsons, a Republican, will be the chairmen of the panel, which is to outline recommendations, including ways to implement Bush's proposal for private investment accounts.

"It has been apparent for many years Social Security itself is becoming insecure," Bush said at a Rose Garden ceremony to announce the forming of the panel. "If we fail to act, it will become a crisis."

The commission is already drawing criticism, however, because it doesn't include any opponents of the president's private accounts initiative, which would allow about 2 percent of the 12.4 percent federal payroll tax to go toward private investment accounts that individuals themselves could control. Critics of the program repeatedly refuse to acknowledge that it would be voluntary and limited.

"What we have been told is that this is going to be an absolutely stacked group of people," Senate Minority leader Tom Daschle, D-S.D., told reporters on Capitol Hill Tuesday ahead of Bush's announcement.

"Every single one of these people is in favor of [voluntary, very limited] privatization. There has been no effort to achieve balance, no effort to reach out and try to ensure that it is an objective review.

"This is a stacked, completely orchestrated effort to come to a desired result, and I'm very disappointed that that is the decision they've made."

White House spokesman Ari Fleischer said the president, in part, chose people for the commission who backed his plan to avoid gridlock.

Estimates for the financial solvency of Social Security vary depending on which budget projections are used in the calculations. But, without some sort of reform, the system is set for bankruptcy around 2040, when the nation's retirement population is expected to swell.

"There are three workers for every retiree," Bush said. "Soon there will be two."

In addition to Moynihan and Parsons, the members of the commission are:

Copyright 2001 by United Press International.

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Former Sen. Daniel Patrick Moynihan, D-N.Y., and AOL Time Warner top executive Richard D. Parsons, a Republican, will be the chairmen of the panel, which is to outline recommendations, including ways to implement Bush's proposal for private investment accounts. It has...
Bush,Unveils,Social,Security,Commission
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2001-00-02
Wednesday, 02 May 2001 12:00 AM
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